Petropavlovsk loses PwC as auditor after board uncertainty
THE future of embattled gold miner Petropavlovsk was once again thrown into doubt yesterday after PwC firmly declined to act as the company’s auditor following a major boardroom coup this summer.
At the end of July, PwC refused to audit the company, pending a general meeting intended to provide clarity on board positions. The accountant had been expected to take over as auditor from Deloitte but this summer said it would reconsider the offer to audit Petropavlovsk, citing the boardroom changes at the Russian miner. The firm yesterday wrote to Petropavlovsk, informing it that “it does not intend to accept its proposed appointment”.
The company, which mines gold in the far east of Russia, said it had now started the search for a new auditor and further announcements would be made in due course.