5 Sep 2009

Auditors offer $A125m in Gwalia case

7:05 am on 5 September 2009

Ernst & Young, the former auditors of the failed WA gold miner Sons of Gwalia, have agreed to a $A125 million settlement.

Sons of Gwalia collapsed in 2004 with debts of $A800 million.

The ABC reports the settlement is subject to creditor approval. It follows a four year legal battle in which Ernst & Young vigorously defended its actions.

Ernst & Young maintains it is not liable for the miner's collapse.

A creditors meeting will be held later this month to discuss the proposed settlement.