Financial Mail : 2020-07-02

COVER STORY : 24 : 24

COVER STORY

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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