Wednesday, March 21, 2007

PricewaterhouseCoopers in Hot Russian Tea

PricewaterhouseCoopers Russia seems to be in some hot Russian tea!


Just a few weeks ago, PwC offices in Moscow were raided by police and prosecutors. The charges: irregularities in auditing of Yukos and evasion of taxes...






4 comments:

Anonymous said...

Seems like a fairly small penalty. Maybe the shareholders' don't have many rights. Wonder how much of fees PwC generates in Russia? Seems as if their international practices need some oversight; because of this and the Japanese debacle. S

Anonymous said...

pwc russia is about 1% of the global firm size. but it has the biggest practice among countries of eastern europe.

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Anonymous said...

October 2008 —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. This decision in favour of PwC satisfies PwC's cassation appeal (roughly equivalent to supreme courts in other countries) and concludes the legal proceedings.

January 2009 - The Supreme Arbitrazhniy (Commercial) Court of Russia decided in favour of PWC. This ends a 3-year battle with the Federal Tax Service over charges that the company evaded millions of dollars in taxes.