« | Home | Recent Comments | Categories | »

Landsbankinn krefur PWC um 100 milljarða

Posted on December 27th, 2012 at 12:45 by John Sinteur in category: News -- Write a comment

[Quote]:

Slitastjórn Landsbanka Íslands krefur PriceWaterhouse Coopers um tæplega 100 milljarða króna í skaðabætur vegna tjóns sem hún telur fyrirtækið hafa valdið Landsbankanum fyrir hrun.

Í stefnu slitastjórnar gegn PriceWaterhouseCoopers, sem fréttastofa hefur undir höndum, kemur fram að stjórnin telur að endurskoðendur bankans hafi valdið tjóni með athöfnum sínum, athafnaleysi og rangri ráðgjöf.

For those you of not speaking much icelandic…

In the subpoena of the banks liquidation committee against PwC, which our news team has obtained, it is reported that the liquidation committee argues that the auditors of the bank have caused huge damage with their actions, inaction and wrong consultations

The company [PwC] has not audited the banks accounts according to regulations and not informed the Board of Directors [of the bank], the meeting of shareholders [of the bank] or the Financial regulatory agency about the banks serious violations

The prosecution is citing evidence that Landsbanki was making loans far in excess of the 25% of their total net worth, which is illegal.

PWC has refused to turn over their documentation.

This is significant, because in the reports submitted by PWC, everything was filed “without comment”. So whatever PWC was seeing at that time, they’re either guilty of incompetence for not seeing it, guilty of negligence by not reporting it, or guilty of conspiracy to commit fraud, and they appear to prefer paying a huge fine to turning over documentation that could clear that up.

previous post: Gift giving: Wild dolphins to humans in Australia

next post: The No. 1 marketing lesson learned from 2012′s hits and misses? Honesty is best policy