PwC facing lawsuit over Cadbury audit

PwC facing lawsuit over Cadbury audit

Nigerian shareholders suing PwC for alleged breach of duty

PricewaterhouseCoopers
and Cadbury Schweppes, are facing
a lawsuit from hundreds of shareholders in
Cadbury Schweppes’s
Nigerian
subsidiary over an alleged breach of duty.

PwC and the board of Cadbury Nigeria are being sued by more than 300
shareholders, who are also demanding access to a financial review carried out by
PwC,
The
Times
reported

Shareholders claim they ‘suffered a huge loss’ as a result of the
overstatement of Cadbury Nigeria’s financial position and that the defendants
failed to act in their interest.

In December last year, Cadbury said it had discovered ‘a significant and
deliberate overstatement of Cadbury Nigeria results, which had existed over a
number of years’ after increasing its stake in the business from 46.4% to 50.02%
last February.

Neither Cadbury Schweppes nor PwC would comment.

Further reading:

Cadbury resolves Nigerian debacle

Cadbury sweats over Nigerian meltdown

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource