abusesaffiliationarrow-downarrow-leftarrow-rightarrow-upattack-typeburgerchevron-downchevron-leftchevron-rightchevron-upClock iconclosedeletedevelopment-povertydiscriminationdollardownloademailenvironmentexternal-linkfacebookfiltergenderglobegroupshealthC4067174-3DD9-4B9E-AD64-284FDAAE6338@1xinformation-outlineinformationinstagraminvestment-trade-globalisationissueslabourlanguagesShapeCombined Shapeline, chart, up, arrow, graphLinkedInlocationmap-pinminusnewsorganisationotheroverviewpluspreviewArtboard 185profilerefreshIconnewssearchsecurityPathStock downStock steadyStock uptagticktooltiptwitteruniversalityweb

这页面没有简体中文版本,现以English显示

文章

8 十一月 2022

作者:
Michael O’Dwyer, FT

Cyprus: Group of PwC partners launched breakaway firm to take on work from Russia-linked clients; incl. cos. comments

Accountants in Cyprus break from PwC to retain Russia-linked clients, 08 November 2022

A group of PwC partners has launched a breakaway firm in Cyprus to take on work from Russia-linked clients whom the Big Four accountants will no longer touch.

PwC has operated a “sanctioned anywhere, sanctioned everywhere” policy globally since shortly after Russia’s invasion of Ukraine in February, going beyond what is legally required.

This had a particularly large effect on PwC Cyprus, given the extensive links between Russia and Cyprus, thinning the firm’s roster of clients and prompting three partners to quit in June and launch Kiteserve, a boutique about half of whose clients have a Russian connection.

Kiteserve managing partner Theo Parperis said his new firm observed EU, US and UK sanctions, but added: “The Big Four went well beyond the sanctions imposed by these countries...and, effectively, we’re covering that space to a certain extent, but...we were very selective.” He said Kiteserve could have taken on “four times more work if we wanted”.

He estimated that about 50 per cent of Kiteserve’s clients had links to Russia but predicted this would reduce over time. The work related mostly to assets in the west rather than in Russia, Parperis added...

Unlike PwC Cyprus, Kiteserve does not voluntarily observe sanctions imposed by countries such as Australia and Canada. It provides services to entities sanctioned by the EU when permitted under a derogation, though this accounts for only a “small percentage” of Kiteserve’s clientele, said Parperis, adding that the “majority” were not the subject of sanctions by the EU, US or UK.

The Kiteserve founders struck a deal with the Big Four group to buy themselves out of restrictions on hiring PwC Cyprus staff and the usual five-year ban on former partners selling audit, tax or compliance services.

The deal to waive the restrictions handed PwC Cyprus a gain in return for allowing the departing partners to work for any company they wished.

Neither PwC nor Kiteserve disclosed the value of the deal to remove the non-compete restrictions. The sum was intended to offset the upfront cost to PwC Cyprus of making normal retirement payouts to the departing partners, said one person with knowledge of the arrangement. PwC said the amounts were “in accordance with normal market practice, or contractual obligations” and “the net payment to the retiring partners is not material to PwC Cyprus or its partners”...

“Kiteserve is fully independent of PwC Cyprus and is not a member of the PwC network,” said PwC. Apart from the “arm’s length” agreements on separation and subletting “there are no agreements between PwC Cyprus and Kiteserve and the partners do not have any economic interest in each other’s respective businesses”, it said...

属于以下案件的一部分

乌克兰:俄罗斯入侵引发国际制裁 企业响应号召撤资

Ukraine invasion: Banks & financial institutions seek to cut ties with Russia

隐私资讯

本网站使用 cookie 和其他网络存储技术。您可以在下方设置您的隐私选项。您所作的更改将立即生效。

有关我们使用网络存储的更多信息,请参阅我们的 数据使用和 Cookie 政策

Strictly necessary storage

ON
OFF

Necessary storage enables core site functionality. This site cannot function without it, so it can only be disabled by changing settings in your browser.

分析 cookie

ON
OFF

您浏览本网页时我们将以Google Analytics收集信息。接受此cookie将有助我们理解您的浏览资讯,并协助我们改善呈现资讯的方法。所有分析资讯都以匿名方式收集,我们并不能用相关资讯得到您的个人信息。谷歌在所有主要浏览器中都提供退出Google Analytics的添加应用程式。

市场营销cookies

ON
OFF

我们从第三方网站获得企业责任资讯,当中包括社交媒体和搜寻引擎。这些cookie协助我们理解相关浏览数据。

您在此网站上的隐私选项

本网站使用cookie和其他网络存储技术来增强您在必要核心功能之外的体验。