Financial Mail : 2020-07-02

COVER STORY : 26 : 26


cover story / auditors auditor and consultant PWC was the to Angolan state-owned oil company Solangol, which was allegedly used by Isabel dos Santos, the former president’s daughter, to hide billions from the Angolan fiscus through a network of 400 shell companies. was found to have In 2014, PWC negotiated more than 500 deals with tax authoritie­s in Luxembourg, allowing companies to pay tax at a rate below 1%. firm was fined $225m for In 2007, the failing to flag an overstated profit of $5.8bn at US firm Tyco that ultimately cost investors about $10bn. identify major PWC failed to misstateme­nts as the external auditor of SAA. The firm and its partner Nkonki earned R19m for their work at the airline, but were fined just R200,000 for failing to disclose SAA’S noncomplia­nce with legislatio­n. x x . 26 financialm­ July 2 - July 8, 2020

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