PracticeAccounting FirmsPwC still in love with Russia

PwC still in love with Russia

PricewaterhouseCoopers keen to stay on in Russia despite involvement in the long-running investigation of oil giant Yukos

PricewaterhouseCoopers staff remain keen to stay on in Russia despite months
of gruelling involvement in the long-running investigation of oil giant Yukos.

The firm in Russia this week withdrew ten year’s worth of audit reports,
saying they should ‘no longer be relied upon or associated with Yukos’s
financial statements.’

Russian prosecutors have maintained a long campaign against the company and
its former largest shareholder Mikhail Khodorkovsky, who is currently serving
eight years in prison following convictions for fraud and tax evasion.

PwC sources say the firm’s staff in Russia, which includes UK and US
nationals, remain determined to stay on and serve remaining western clients
still operating in the territory.

The firm also stands by the quality of its Yukos audits given the information
that was provided. But in a statement this week the firm said: ‘PwC now believes
information and representations which were provided to PwC by Yukos’s former
management may not have been accurate.’

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