PwC denies loss of Russian client is due to Yukos battle
PwC loses state-owned Russian client, but denies any link with its Yukos battle
PricewaterhouseCoopers has lost a Russian client, as it continues to battle
in the courts about its role with oil business Yukos.
Car manufacturer AvtoVAZ, owned by the state, swapped
PwC as its
auditor for
Ernst
& Young .
PwC partner Stanley Root said the carmaker’s decision was based on
competition and was not linked to the Yukos affair, reported The
Times.
‘We are not afraid of competition, because in many cases we come out
winners,’ said Root.
PwC has appealed a decision by the courts for its alleged role in helping
Yukos dodge taxes, for which the Big Four firm was fined $14m (£7.1m).
Further reading:
PwC Yukos row sparks international trade
threats
PwC to stay put in Russia despite Yukos
problems
Government investigators storm PwC in
Moscow