PracticeAccounting FirmsLawyers question PwC over Tyco

Lawyers question PwC over Tyco

PricewaterhouseCoopers is being questioned by New York prosecutors over secret bonuses paid to the former executives of American conglomerate Tyco.

Link: Tyco CFO may go in boardroom clearout

Manhattan district attorney Robert Morgenthau wants to determine whether the accounting firm knew about the payments during the course of its audit work with the company.

Former chief executive of Tyco Dennis Kozlowski, who has been charged with embezzling $600m from the firm, is said to have authorised unofficial bonuses to 51 employees totalling £96m as a reward for helping Tyco gain $1.7bn from an IPO in optical fibre company Tycom.

PwC confirmed to the Wall Street Journal that it was being questioned but said, ‘we have no reason to believe we will be anything but a provider of information for them’

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