Big Four auditors KPMG, EY, and PwC seek to distance themselves from Russia March 1, 2022 The Big Four auditors have sought to distance themselves from Russia, after the UK government told Canada companies not to work on behalf of the Putin regime. In a post on Linkedin, Jon Holt, chief executive of KPMG’s UK division, said KPMG will be “ending” some of its client relationships in order to [...]
Law firms Linklaters and Baker McKenzie consider cutting ties with Russia February 28, 2022 Magic Circle law firm Linklaters and Chicago law firm Baker McKenzie have said they are considering cutting links to Russia, as law firms face mounting pressure to sever any links with the Putin regime. In an email to Morning Wire a Baker McKenzie spokesperson said the firm is currently reviewing its ties to Russia with [...]
Ex-Goldman Sachs banker Tim Leissner says he forged divorce documents twice following double bigamy allegations February 28, 2022 A former Goldman Sachs banker has admitted that he “photoshopped” divorce papers so that he could marry American model Kimora Lee Simmons, after being called a “double bigamist” during a trial of his former Goldman Sachs colleague Roger Ng over his role in the multi-billion-dollar 1MDB scandal. Tim Leissner, who admitted charges of bribery and [...]
PwC fined £670,000 for allowing exam cheating scandal involving 1,200 employees February 28, 2022 Canadian and US regulators have hit PwC’s Canadian business with more than £670,000 in fines, for failing to prevent a widespread cheating scandal involving more than 1,200 of its employees. The US and Canadian watchdogs slammed PwC for allowing more than 1,200 employees to share answers while taking mandatory accounting exams. Canada’s audit watchdog [...]
Irish accountancy watchdogs raises concerns over Deloitte and EY audits February 28, 2022 Ireland’s audit watchdog has said flagged issues with audits carried out by Big Four accountancy firms Deloitte and EY, after carrying out its annual review of auditors. The Irish Auditing & Accountancy Supervisory Authority (IAASA) said audits completed by Deloitte and EY required improvements, after sampling six sample audits carried out by the firms. By [...]
PwC buys up Australia’s biggest tax advisor Greenwoods February 28, 2022 PwC has acquired Australia’s largest tax advisory firm, Greenwoods, as part of a deal which will see 15 Greenwoods partners and 50 Greenwoods staff join the Big Four accountancy firm. PwC said it had acquired specialist tax advisory firm Greenwoods & Herbert Smith Freehills, an affiliate of Silver Circle law firm Herbert Smith Freehills. The [...]
Axa must pay £4.4m Covid insurance claim to high-end restauranter Corbin & King, High Court says February 25, 2022 High end restaurant business Corbin & King, which owns restaurants across London, including Colbert in Sloane Square and The Wolseley in Mayfair, has won a £4.4m case against insurance giant Axa, after the insurer refused to cover losses incurred by the restauranter during Covid-19. The case comes after Axa said it would not pay Corbin [...]
J&J and three other drug distributors settle opioid crisis lawsuits for $26bn February 25, 2022 US pharma giant Johnson & Johnson, and three of America’s largest medical distributors, have agreed to pay $26bn (£19bn) to settle more than 3,000 lawsuits over the role they played in fuelling America’s opioid crisis. New Jersey drugmaker J&J, and medicine distributors Cardinal Health, AmerisourceBergen, and Distributors McKesson, finalized a deal through which they will [...]
UK-based Chinese companies suffered from global instability last year, new research shows February 25, 2022 Revenues generated by Chinese companies working in Britain have dropped by almost a third, due to global instability and the impacts of Covid-19, according to new research. Chinese companies employed 61,000 UK residents contributed £63bn to the British economy in 2021, according to new figures from the Tou Ying Tracker. The £63bn in revenues generated [...]
UK government seeking to give courts new powers to track down crypto assets February 25, 2022 The UK government is drawing up new rules to tackle crypto fraud, with a view to making it easier for courts to trace crypto assets. Speaking at a legal conference yesterday, Sir Geoffrey Vos, one of Britain’s most senior judges, said a sub-committee of the body that writes the rules for civil courts, is seeking [...]