PwC drawn into Ukraine bank scandal | Business

Auditor attacked by central bank for failing to spot £4.2bn ‘hole’ in lender’s accounts

Gennady Bogolyubov now lives in London in a £60m home in Belgrave SquareJULIAN ANDREWS/REX/SHUTTERSTOCK

A scandal over a multibillion-pound alleged fraud at Ukraine’s biggest bank has embroiled the accountancy giant PwC.

Ukraine’s central bank claims that some £4.2bn was siphoned out of Privat bank by two of Ukraine’s most powerful offshore oligarchs, Gennady Bogolyubov, who now lives in London in a £60m 10-bedroom home in Belgrave Square, and Swiss-based Igor Kolomoisky.

PwC had audited and approved the accounts without any mention of the missing money, according to Katerina Rozhkova, deputy governor of the Ukraine central bank. She made the allegations in an interview with the television news channel Al Jazeera. Rozhkova has threatened to ban PwC from any future audit work in the war-ravaged country. She is expected to make a formal announcement within weeks.

“If the quality of…

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