Petropavlo­vsk loses PwC as au­di­tor af­ter board un­cer­tainty

The Daily Telegraph - Business - - Business - By Ed Clowes

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.

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