Auditors for Greensill Capital Face Investigation

The Financial Reporting Council (FRC) has commenced an investigation into Saffery Champness in relation to its audit of the financial statements of Greensill Capital (UK) Limited for the year ended 31 December 2019.
 
The investigation will be conducted by the FRC’s Enforcement Division under the Audit Enforcement Procedure.

 

The FRC has also commenced an investigation into PwC LLP in relation to its audit of the consolidated financial statements of Wyelands Bank plc for the year ended 30 April 2019. The bank is owned by steel tycoon Sanjeev Gupta, to whom Greensill Capital was a major lender.

 

The Serious Fraud Office revealed in May it was investigating "suspected fraud, fraudulent trading and money laundering" in relation to the financing and conduct of business of companies within Gupta's GFG Alliance.

 

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