PracticeAccounting FirmsPwC future in Russia hangs in balance

PwC future in Russia hangs in balance

PwC’s future in Russia hangs in the balance after a Moscow Court drops PwC’s Yukos appeal case

Yukos

Big four firm
PricewaterhouseCoopers
(PwC)’s future in Russua hangs in the balance after a Moscow Court decided to
drop PwC’s appeal case against a court ruling that it had colluded with Yukos,
the bankrupt oil company, to produce false audits.

The Moscow appeal court said it could not continue the hearings because
Yukos, the co-defendant, had been liquidated, leaving PwC in limbo after months
of pressure from the Russian government.

PwC said it was considering ways to contest the ruling. Dmitry Gololobov, a
former senior Yukos lawyer now living in London, said Moscow was unlikely to
revoke PwC’s licence because it audits 30% of Russia’s stock market, including
some of its biggest blue chips.

PwC said it believed the prosecutors’ findings would stand it in good stead.
But Mr Gololobov said PwC’s operations remained under some degree of threat.
‘This court decision will continue to exist in some parallel dimension and it
can be used against them any time,’ he said. ‘It’s now a question of whether
this will be used for political ends.’

Further reading:

Corruption mounts in Russian businesses

Russia expands lawsuit against PwC over Yukos
involvement

Read
story in The Financial Times

Related Articles

Productive accountancy firms lead the way

Accounting Firms Productive accountancy firms lead the way

3d Simon Adcock, HSBC
LLPs in Top 50+50: Will LLPs continue to be the preferred set-up?

Accounting Firms LLPs in Top 50+50: Will LLPs continue to be the preferred set-up?

4d Fergus Payne, Lewis Silkin
BDO’s global revenues pass $8bn

Accounting Firms BDO’s global revenues pass $8bn

1w Alia Shoaib, Reporter
Top 40 International Networks, Associations and Alliances: Finding growth amid uncertainty

Accounting Firms Top 40 International Networks, Associations and Alliances: Finding growth amid uncertainty

2w Philip Smith, Reporter
Top 40 International Networks, Associations and Alliances 2017: Big Four tussle for top spot

Accounting Firms Top 40 International Networks, Associations and Alliances 2017: Big Four tussle for top spot

2w Emma Smith, Managing Editor
BDO reports revenue growth of 5.7%

Accounting Firms BDO reports revenue growth of 5.7%

3w Alia Shoaib, Reporter
Taylorcocks announces merger with Surrey firm

Accounting Firms Taylorcocks announces merger with Surrey firm

3w Emma Smith, Managing Editor
Kingston Smith reports 7% gender pay gap

Accounting Firms Kingston Smith reports 7% gender pay gap

3w Emma Smith, Managing Editor