Review: Internal emails reveal PWC’s role in oligarch’s Tui deal

From February to March 2022, employees of global auditing giant PWC send emails to each other. They appear to be in a rush to complete a deal in which Alexey Mordashov will transfer ownership of his shares in Tui to a company in the British Virgin Islands.

“Urgent” and “Please accept” are the words found in emails and documents leaked from the Cyprus company Cypcodirect. Together with PWC, they manage Mordashov Holdings in Cyprus. It reveals a review of the mission by the international cooperation to explore the Cyprus spill.

Official Spokesman: Everything was done publicly

The timing of the deal is sensitive. February 28 – The European Union imposes sanctions on Mordashov over the Russian invasion of Ukraine. Although these have come into effect, PWC and Cypcodirect continue to handle the deal – which turns out to be just a smokescreen. Control of shares worth more than 15 billion Swedish krona has been transferred to a company in the British Virgin Islands controlled by the mother of Mordashov’s children.

Spokesman Alexei Mordashov announced that everything was done openly and legally. Cypcodirect threatens to sue if any of its clients are mentioned. Now the Cypriot Ministry of Finance confirms that a criminal investigation is underway into the Tui case, but does not make any comments on the subject of the investigation. Mike Davis, PWC’s global spokesperson, wrote in an email to Uppdrag kråningen that PWC Cyprus is not aware of an ongoing criminal investigation.

PWC: Taking sanctions seriously

Over the years, PwC has received criticism globally for sitting in double chairs, as auditors and advisors on tax matters. A new survey by Task Review shows that PWC in Sweden has received more than half a billion kroner in the past three years for work done for municipalities and regions.

Despite the public duties, the Swedish CEO, Sofia Gottmar Blomstedt, does not want to answer questions about arrangements in tax havens and potential conflicts of interest.

Instead, PwC’s global journalism department responds that it takes the implementation of sanctions seriously. Following the Russian invasion of Ukraine, PWC Cyprus terminated its relationships with approximately 150 client groups.