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PwC worried by tax avoidance moves

21 February 2019

PwC hit the news headlines this month when it was reported the firm considered resigning as auditor and adviser to Ineos, the petrochemical empire, when its top three executives revealed they wanted to move much of their wealth overseas. The move could potentially deprive the UK Treasury of between £400m and £4bn as Sir Jim Ratcliffe and chums moved to Monoco. It is believed that PwC’s management sought advice from its public interest body, chaired by Lord Gus O’Donnell, as to whether it should refuse to help or even resign as Ineos’ auditors. It is still auditor, so the advice must have been there was no reason to resign!

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