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 [...]
Exclusive: World’s biggest litigation funder Harbour strikes £2m deal with sports lawyers to fund ‘no win, no fee’ FIFA lawsuits February 24, 2022 Private litigation funder Harbour has struck a £2m deal with specialist law firm Morgan Sports Law, through which Harbour plans to cover footballers’ legal costs in employment disputes put forward on a “no win, no fee” basis. Harbour will cover any legal costs in disputes between professional footballers and their employers, and take a cut [...]
1MDB Scandal: Trial of former Goldman Sachs banker Roger Ng put on hold after US fails to disclose documents February 24, 2022 The trial of former Goldman Sachs banker Roger Ng, over his involvement in the multi-billion-dollar 1MDB scandal, has been put on hold, after it emerged the US Department of Justice (DoJ) had failed to hand over some 15,500 documents. The decision to pause the trial comes after US prosecutors admitted that a DoJ team had [...]
Lloyd’s of London chairman to helm TheCityUK’s leadership council February 24, 2022 TheCityUK has appointed the chairman of Lloyd’s of London to the helm of its leadership council. Bruce Carnegie-Brown, an insurance broker and also vice chairman of Banco Santander, will head the forum that hauls in financial and professional services figureheads to develop the organisation’s strategy in the City. Succeeding Sir Adrian Montague, who will step [...]