David Thornes

David Thornes

Partner

+65 6813 0801

david.thornes@accuracy.com

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David is a Partner and has been based since 2016 in the Singapore office of Accuracy which he established.

He has extensive experience in providing advice and support to clients in various situations, including disputes, crisis and transactions.

 

David joined Accuracy in 2005 shortly after the inception of the company, prior to this he spent three years with the EY teams in Paris.

 

Overall, David has gained more than 17 years of experience in forensic accounting, due diligences and valuations. He is regularly involved in expert witness assignments, has coordinated numerous due diligence projects across the globe and has carried out reviews encompassing both technical and financial issues on major infrastructure and construction projects.

 

David speaks English and French.

 

 

Qualifications

 

  1. Engineering Master’s degree from Ecole Centrale Paris, 2002

 

 

Litigation and arbitration

David has been involved in the preparation and coordination of many expert witness reports, in particular for matters arbitrated under the auspices of SIAC (Singapore) and ICC (Singapore, Paris, Geneva) rules. David has been appointed several times as quantum and accounting expert, and has testifying experience in front of both arbitration Tribunals and in Court.

 

Transactions

Throughout his career in Paris and Singapore, David has overseen numerous cross-border buy-side and sell-side due diligence and valuation projects, mostly for large corporates and PE funds.

 

Project advisory

David has particular expertise in large projects (infrastructure, transport and energy), where he is able to make use of both his engineering background and his analytical skills. He has experience advising both governmental bodies and the private sector on such projects.

 

Fraud and forensic

David has led several investigation projects related to the uncovering of fraudulent accounting activities in Europe and in Asia.

Litigation and arbitration

 

  • Appointed as expert for the quantification of loss of profits on a dispute related to the termination of a JV in India, ICC arbitration.
  • Appointed as expert for the quantification of damages on a construction dispute related to a tunneling project in Singapore, SIAC arbitration.
  • Appointed as expert in Singapore High Court proceedings relating to a post-transaction dispute.
  • Appointed as expert for the quantification of damages in a dispute pertaining to an oil & gas plant in the Middle East, SIAC arbitration.
  • Appointed as co-expert for the quantification of damages on a dispute related to an EPC project in India, local arbitration.
  • Appointed as co-expert for the quantification of damages on a dispute related to a pipeline project in the Middle East, LCIA arbitration.
  • Prepared expert report for the quantification of damages for a dispute in relation with loss of profits on a power plant project in South East Asia, SIAC arbitration.
  • Prepared expert report for the quantification of damages on a major Telecom dispute for loss of profits following expropriation, ICC arbitration.
  • Prepared expert report for the quantification of damages and prepared technical report with sectorial expert for a dispute on a railway project in South East Asia, SIAC arbitration.
  • Prepared expert report for the quantification of damages on a railway project (Italy), litigated under local civil court.

 

Transactions

 

  • Carried-out numerous buy-side Due Diligences in Singapore and across South-East Asia and Pacific within various industries (hospitality, software industry, packaging, logistics, manufacturing, tech).
  • Carried-out numerous buy-side Due Diligences projects on US-based targets in the field of Aerospace and Defence.
  • Prepared several carved-out financial statements and associated Vendor Due-Diligence reports in the context of large assets disposals.
  • Carried out valuation projects in the context of M&A transactions (sell-side and buy-side).

 

Project advisory

 

  • Managed business plan/financial models review or preparation for various public project tenders (Europe, Singapore).
  • Coordinated the audit and development of cost allocation models for large public/private entities.
  • Advised governmental bodies on returns model structuring for the development of large assets.

 

Fraud and forensic:

 

  • Performed several forensic review on the subsidiaries of European MNCs following the unveiling of suspicious transactions in their local entities (China, Thailand).
  • Investigated misreporting issues in a JV (South-East Asia).
  • Assisted police investigations and prepared a quantification of damages valuation report in a large fraud scheme (Europe).