PracticeAccounting FirmsPwC wins Yukos appeal

PwC wins Yukos appeal

PricewaterhouseCoopers celebrating Russian court case victory relating to bitterly-fought Yukos dispute

PricewaterhouseCoopers have won a key battle in the Russian courts relating
to claims the firm had been an active participant in tax evasion at Yukos, the
collapsed oil giant.

PwC Russia said: ‘The Moscow Region Federal Arbitrazh Court has today fully
overturned the rulings of the First Instance and Appellation Courts in the case
relating to the audit of Yukos by PricewaterhouseCoopers. The case has now been
terminated by the court.’

At the start of 2008, Yukos was billed for tens of billions of dollars in
back-tax claims and auditor PwC also faced severe back-tax penalties. The firm
opted to withdraw its opinions, which had previously endorsed the company’s tax
strategies as a result.

But the courts pursued the tax evasion issue, creating further legal wrangles
for the firm which also saw its licence to continue as an audit firm come under
threat.

‘We are very pleased with the court’s decision, said PwC Russia in a
statement. ‘The court has made the correct ruling in this case, particularly
given that one of the defendants, Yukos, no longer exists.

‘This is good news for PwC, as well as for the Russian and international
business communities. As always we continue to focus our energy on growing and
developing our business in Russia.’

Related Articles

PwC’s five strategic priorities for becoming ‘the leading professional services firm’

Accounting Firms PwC’s five strategic priorities for becoming ‘the leading professional services firm’

2d Emma Smith, Managing Editor
PwC publishes 12.8% BAME pay gap

Accounting Firms PwC publishes 12.8% BAME pay gap

5d Emma Smith, Managing Editor
PwC to audit BBC pay policies following gender pay gap outrage

Accounting Firms PwC to audit BBC pay policies following gender pay gap outrage

2w Alia Shoaib, Reporter
PwC fined $1m over Merrill Lynch audit

Accounting Firms PwC fined $1m over Merrill Lynch audit

2m Alia Shoaib, Reporter
Research reveals overall tax contribution of UK legal and accountancy sector

Accounting Firms Research reveals overall tax contribution of UK legal and accountancy sector

2m Alia Shoaib, Reporter
PwC to take over from Deloitte as Diploma auditor

Accounting Firms PwC to take over from Deloitte as Diploma auditor

3w Alia Shoaib, Reporter
Deloitte rises in auditor rankings with most FTSE 250 clients

Accounting Firms Deloitte rises in auditor rankings with most FTSE 250 clients

3w Alia Shoaib, Reporter
PwC launches scale-up programmes to support start-ups

Accounting Firms PwC launches scale-up programmes to support start-ups

1m Alia Shoaib, Reporter