Most Popular

- Advertisement -

categories

Lorem ipsum dolor sit amet, consectetur adipiscing elit. 

Highlights

Technology

Global Powers in 2024: Technology, Military, and Economic Influence Unpacked

As we delve into 2024, the landscape of global power is shaped by a complex interplay of technological advancements, military capabilities, and economic influence. Understanding the dynamics among leading nations requires an examination of their strategic priorities and how they leverage their strengths to assert influence on the world stage. This article unpacks the multifaceted nature of global powers, highlighting the key players in technology, military strength, and economic dominance.
Ticketing system 1

Tickets ‘broken’ after Oasis ‘chaos’, resale site chief alleges

Viagogo's business development manager, Matt Drew, stated that Saturday's ticket sale for the band's first shows in 16 years "descended into chaos."A senior official at a resale site has stated that the ticketing system for shows, including next summer's Oasis concerts, is "broken."Viagogo's business development manager, Matt Drew, said Saturday's ticket sales for the band's first shows in 16 years "descended into chaos."
- Advertisement -
Selected menu has been deleted. Please select the another existing nav menu.

PwC fined £15 million for fraud at London Capital & Finance

Share It:

Table of Content

  • Biden optimistic about Israel-Hamas ceasefire; talks ongoing
  • Israeli strikes reported in Gaza, Lebanon amid rising tensions
  • Polio outbreak feared in Gaza; relief efforts hindered by conflict

PWC has been fined £15 million for failing to warn about alleged fraud at London Capital & Finance (LCF).

The auditor is the first accounting company to be penalised by the City authority.

The Financial Conduct Authority’s inquiry discovered that while working on the minibond company’s 2016 accounts, PWC’s audit team discovered several red lights but neglected to notify the regulator.

The warning flags included a senior member at LCF who ‘behaved aggressively’ towards the auditors and the firm, supplying erroneous and misleading information to PwC.

The accounting firm also deemed the audit ‘ very difficult’, alleging it took significantly longer than planned.

Following this, PwC suspected fraud at LCF but did not report it to the watchdog and signed off on the accounts.

According to a watchdog official, ‘PwC was duty bound to submit those suspicions to the FCA as soon as possible, but they failed to do so.’

Therese Chambers, director of enforcement at the City regulator, added: “They should have acted on them immediately.” Their failure to do so robbed the FCA of potentially critical information. LCF went bankrupt in 2019, owing around £237 million to more than 11,600 investors who purchased its hazardous minibonds. The collapse would become one of Britain’s most prominent financial scandals, as many investors were elderly and had invested their life savings in the company.

“Don’t miss out! Grab your free shares of Webull UK today!”

Much of the money was spent on speculative property developments, a helicopter purchased for a company controlled by LCF, and equestrian competitions.

Administrators are still attempting to collect the funds, and more than £170 million has been paid out to bondholders through government compensation systems.

A PwC spokesman stated, ‘We have negotiated a settlement with the FCA to rectify an accidental reporting breach.’

In May, the Financial Reporting Council fined PwC and EY for failing to identify and understand LCF’s business and internal controls. The audit watchdog imposed penalties of £4.9 million and £4.4 million, respectively.

Meanwhile, the Serious Fraud Office is conducting a criminal inquiry into LCF’s failure after its former CEO, Michael ‘Andy’ Thomson, was sentenced to 10 months in prison in 2023 for violating a bank account restraint order.

Read More

Tags :

Creative Media News

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Creative Media News is your premier source for the latest updates in finance, technology, and world events. Our dedicated team of journalists delivers in-depth analysis, breaking news, and expert opinions to keep you informed and engaged. Whether you’re interested in stock market trends, innovative tech, or global affairs, we’ve got you covered. Stay ahead with our reliable, timely, and insightful content. Join our community of readers who trust Creative Media News for accurate, up-to-date information. Follow us for daily updates and stay connected with the world’s most important stories.

Useful Links

Selected menu has been deleted. Please select the another existing nav menu.