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Russia Wins Tax Suit Against PwC

Law360 (March 20, 2007, 12:00 AM EDT) -- A Russian court has invalidated an audit contract between bankrupt Russian oil company Yukos and PricewaterhouseCoopers’ Moscow office, much to the chagrin of the international auditor.

The Moscow Arbitration Court on Tuesday annulled PwC’s contract with the fallen oil giant and imposed a fine of 16.8 million rubles ($645,200) for concealing Yukos’ tax evasion activities from 2002 to 2004.

The court said PwC had compiled two different audits on Yukos—one for internal use that warned of Yukos’ illegal actions, and a second one specifically made for...
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