AFP quotes William Browder, Hermitage's
disgruntled CEO, as saying: "This is Russia's Enron". PwC threatened
to counter-sue Hermitage over its "completely unfounded"
allegations.
But Browder's charges are supported by Boris Fyodorov, a former
Russian minister of finance and a current Gazprom independent
director. Fyodorov manages his own investment boutique, United
Financial Group. Browder is a former Solomon Brothers investment
banker. Other investment banks and brokerage firms - foreign and
Russian - are supportive of his allegations. They won't and can't be
fobbed.
Fyodorov speculates that PwC turned a blind eye to many of Gazprom's
shadier deals in order to keep the account. Gazprom shareholders
will decide in June whether to retain it as an auditor or not.
Browder is initiating a class action lawsuit in New York of Gazprom
ADR holders against PwC.
Even Russia's president concurs. A year ago, he muttered ominously
about "enormous amounts of misspent money (in Gazprom)". He replaced
Rem Vyakhirev, the oligarch that ran Gazprom, with his own prot?g?.
Russia owns 38 percent of the company.
Gazprom is just the latest in an inordinately long stream of
companies with dubious methods. Avto VAZ bled itself white - under
PwC's nose - shipping cars to dealers, without guarantees or advance
payments.
Pages:
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82