Deloitte Resigns as Auditor of Firm that Sold Stenn Notes

Deloitte has resigned as the auditor of a firm that issued hundreds of millions of dollars of trade-finance notes that were allegedly backed by sham transactions.

The accounting firm is unable to complete the 2024 audit for a special purpose vehicle tied to Stenn Technologies, which collapsed into UK insolvency in December, according to a filing Wednesday. The entity sold notes to investors including Citigroup Inc., BNP Paribas SA and HSBC Holdings Plc before Stenn unraveled, Bloomberg previously reported.

The UK audit watchdog is already investigating the work that Deloitte carried out for Stenn, part of the ...