cover story / auditors to US regulators in EY paid $123m 2013 after admitting that, from 1999 to 2004, its senior partners had been involved in developing, marketing and defending schemes to dodge taxes worth $2bn. consultant to Lehman As auditor and Brothers, EY failed to flag questionable accounting practices and did not act on a whistleblower’s report. The fraudulent practices led to the bank’s collapse in 2008 – one of the catalysts of the global financial crisis. 2020, a UK court ordered the In April firm to pay $11m to former EY partner Amjad Rihan. He had been forced to resign after exposing money laundering and compliance failures at EY client Kaloti Jewellery International, the largest gold refinery in the United Arab Emirates. Source: “Corporations and Economic Crime: The Auditors”, Open Secrets, June 2020 . 24 financialmail.co.za July 2 - July 8, 2020
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