The cover of the main report carried a disclaimer that it was based
on procedures dictated by the central bank and "... consequently, we
(PwC) make no representation regarding the sufficiency of the
procedures described below ... The report is based solely on
financial and other information provided by, and discussions with,
the persons set out in the report. The accuracy and completeness of
the information on which the report is based is the sole
responsibility of those persons. ... PricewaterhouseCoopers have not
carried out any verification work which may be construed to
represent audit procedures ... We have not been provided access to
Ost West Handelsbank (the recipient of a large part of the $4.8 IMF
tranche)"
The scandal may have hastened the untimely departure of the IMF's
Managing Director at the time, Michel Camdessus, though this was
never officially acknowledged. The US Congress was reluctant to
augment the Fund's resources in view of its controversial handling
of the Asian and Russian crises and contagion.
This reluctance persisted well into the new millennium. A
congressional delegation, headed by James Leach (R, Iowa), Chairman
of the Banking and Financial Services Committee, visited Russia in
April 2000, accompanied by the FBI, to investigate the persistent
contentions about the misappropriation of IMF funds.
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