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10-02-2009, 12:00 AM
KPMG and PwC Reykjavik offices are raided by Icelandic police
Police have raided the offices of KPMG and PricewaterhouseCoopers (PwC) in Reykjavik, seizing documents and computer data as part of an investigation into alleged criminal activity at three collapsed Icelandic banks.
The targets of the raids were the firms' banking clients Kaupthing, Glitnir and Landsbanki, but the move is nevertheless likely to cause embarrassment for the two companies, both among the "big four" accountancy names in the world.
The Reykjavik branches of KPMG and PwC are owned by its partners, common with most accountancy practices, but are also part of the multinational network of firms.
The office of Olafur Thor Hauksson, the Icelandic investigator charged with examining the collapse of
the three banks a year ago, confirmed that 22 policemen and six foreign accountants took part in the searches yesterday.
"The purpose of the searches was to look for and secure evidence related to the investigation of several charges which have been investigated by the office," a statement said.
Among the matters being investigated are "violation of laws on accounting and annual reports, violation of laws on financial institutions and securities transactions and violations of laws on public limited companies".
PwC Iceland could not be reached for comment.
Source (http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/6252501/KPMG-and-PwC-Reykjavik-offices-are-raided-by-Icelandic-police.html)
:thumbs up
Police have raided the offices of KPMG and PricewaterhouseCoopers (PwC) in Reykjavik, seizing documents and computer data as part of an investigation into alleged criminal activity at three collapsed Icelandic banks.
The targets of the raids were the firms' banking clients Kaupthing, Glitnir and Landsbanki, but the move is nevertheless likely to cause embarrassment for the two companies, both among the "big four" accountancy names in the world.
The Reykjavik branches of KPMG and PwC are owned by its partners, common with most accountancy practices, but are also part of the multinational network of firms.
The office of Olafur Thor Hauksson, the Icelandic investigator charged with examining the collapse of
the three banks a year ago, confirmed that 22 policemen and six foreign accountants took part in the searches yesterday.
"The purpose of the searches was to look for and secure evidence related to the investigation of several charges which have been investigated by the office," a statement said.
Among the matters being investigated are "violation of laws on accounting and annual reports, violation of laws on financial institutions and securities transactions and violations of laws on public limited companies".
PwC Iceland could not be reached for comment.
Source (http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/6252501/KPMG-and-PwC-Reykjavik-offices-are-raided-by-Icelandic-police.html)
:thumbs up