ADMINISTRATORS OF GUERNSEY-BASED PROVIDENCE FUND SUE PWC FOR £14 MILLION

On 24th December, ICAEW reported that the administrators of Guernsey-based investment fund Providence have launched a legal action against auditors PwC for allegedly failing to spot that the fund was a “Ponzi scheme”.  The administrators of Providence Investment Fund (PIF) are pursuing the Big Four firm for £14 million for “negligence, breach of duty and breach of contract as auditors,” according to reports.

https://economia.icaew.com/news/december-2018/providence-administrators-sue-pwc-for-14m

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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