PrivatBank filed a billion lawsuit against PwC


PrivatBank filed a formal lawsuit against PricewaterhouseCoopers (Cyprus) and the auditing firm PricewaterhouseCoopers (Ukraine), followed by PwC. On Monday, April 2, the press service of PrivatBank.

It is noted that the lawsuit was filed March 30 in the district court of Nicosia (Cyprus) is 3 billion US dollars.

This is the amount the Bank has estimated the losses which, according to PrivatBank, was incurred as a result of serious and significant violations by PwC of their duties and, above all, of the responsibilities in the audit of financial statements of PrivatBank for the reporting periods ending 31 December 2013, 31 December 2014 and 31 December 2015.

After filing a lawsuit against the former owners of the Bank in the High court of London in December 2017 statement of claim against PwC represents the next important step taken by PrivatBank for compensation of the huge damages, the burden of which still has a significant impact on the economy of Ukraine.

Commenting on this step, the Chairman of the Board of PrivatBank Peter Krumhansl said: “the Filing of a claim against PwC is a logical and necessary step, given the great responsibility PwC for the audit of the financial statements of the Bank. The absolute inability of PwC to identify the Bank transaction fraud for many years has led to the fact that almost the entire corporate loan portfolio of the Bank is not maintained or does not have sufficient collateral. Now the Cyprus court will make a decision against PwC in the prescribed manner”.

PrivatBank has instructed international law firm Quinn Emanuel Urquhart & Sullivan (UK) in collaboration with the Cyprus law firm Antis Triantafyllides & Sons and Chrysses Demetriades & Co to represent their interests in judicial proceedings with PwC.

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