The Wall Street Journal reports this evening that a Russian appellate court has upheld a ruling by a lower court.
A Russian court upheld a ruling that PricewaterhouseCoopers LLP essentially was a participant in massive tax evasion by former oil giant OAO Yukos.
The ruling ratchets up pressure on the auditor as the Kremlin gears up for more charges in the politically tinged Yukos case.
On Monday, Russia’s Ninth Arbitration Appellate Court abruptly ended consideration of Pricewaterhouse’s appeal of a lower-court ruling. The original ruling found that Pricewaterhouse’s contract with Yukos should be voided because it involved criminal wrongdoing.
The article also say that is still unclear what impact this will have on PwC’s Russian firm business. PwC says that it is looking for other avenues for appeal.