KPMG and PwC Reykjavik offices are raided by Icelandic police

[Doctor Cynic]

Source: Telegraph

The targets of the raids were the firms' banking clients Kaupthing, Glitnir and Landsbanki, but the move is nevertheless likely to cause embarrassment for the two companies, both among the "big four" accountancy names in the world.

The Reykjavik branches of KPMG and PwC are owned by its partners, common with most accountancy practices, but are also part of the multinational network of firms.

The office of Olafur Thor Hauksson, the Icelandic investigator charged with examining the collapse of the three banks a year ago, confirmed that 22 policemen and six foreign accountants took part in the searches yesterday.

"The purpose of the searches was to look for and secure evidence related to the investigation of several charges which have been investigated by the office," a statement said.

Read more: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/6252501/KPMG-and-PwC-Reykjavik-offices-are-raided-by-Icelandic-police.html

[Ghost Dog]

1. Nobody mention any possible "collaboration"

nor "conspiracy"

to defraud.

Much less anything liable to fall into the "RICO" category,

Ok?

[Po_d Mainiac]

3. CDS's screwed whole cities...

Hopefully Iceland has the nads to do what chopper and turbo have failed to do......My bad, I thunked those two scum worked for us. In after-thought, they are doing their jobs quite well :sarcasm: :grr:

[AllentownJake]

2. The accounting firms are complicit in this

Auditing should have been taken from them after Enron.

I say this as an unemployed auditor.