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9am Lowdown: Former KPMG employee charged in tax fraud

21st Jan 2016
Editor AccountingWEB
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Good morning. Here is this morning’s 9am Lowdown.

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KPMG ex-employee charged in tax fraud

The former head of investment advisory for KPMG has resigned after being charged with offences linked to a film tax scheme.

Patrick McCoy will appear at Birmingham Magistrates’ Court to answer charges relating to a scheme where more than 150 investors borrowed several times their outlay to finance the making of films by Seven Arts Entertainment, a US production company. The films were unsuccessful which allowed the film investors to claim tax relief on the borrowed money against the losses. 

McCoy left his position with KPMG on January 13. He denies wrongdoing. KPMG said in a statement: “The individual concerned is no longer a partner of the firm. It should be stressed that the matter does not relate to client work conducted by the partner or KPMG or to KPMG’s own affairs.

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PwC acquires Polish cloud company

PWC is to buy Polish cloud technology company Outbox to support their cloud focused services across Europe.

Ashley Unwin, UK and EMEA consulting leader at PwC, said the acquisition is a major milestone for PwC’s UK. The 250 employees from Outbox will bolster PwC’s technology workforce to 3,000 across Europe, Middle East and Africa. 

Jonathan Tate, EMEA technology consulting leader at PwC, said: “Outbox will allow us to present a truly differentiated offering, enabling us to deliver larger and more transformational solutions to businesses across the UK, Poland and the rest of Europe. It will also support one of the firm’s strategic priorities to further embed technology into its services”.

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EY’s achieves diversity award

EY has retained its star employer award and two more of the Big Four have featured on the Stonewall top 100 LGBT friendly employers in the UK, which was released this week.

EY was celebrated as one of the nine star performers over the course of 2015 for repeatedly demonstrating their commitment to creating inclusive workplaces. In talking about EY’s LGBT network, Stonewall said: “EY has prioritised regional engagement to ensure its inclusive culture is felt right across the business.” Companies can only achieve star performer once they have appeared in the top 10 at least three times.

PWC was the highest ranked firm at number eleven, while KPMG ranked at 44.  MI5 achieved the top spot as employer of the year 2016. Ruth Hunt, Stonewall CEO said: “EY is a prime example of an organisation that embeds diversity and inclusion into everything it does – and is really getting it right. We have no doubt that it will continue to lead by example as a Stonewall Star Performer, in particular as a mentor to other organisations that enter our Index, and we look forward to continuing our work with them to ensure all LGBT people are accepted without exception.”

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