EY MUST PAY DUBAI ML WHISTLEBLOWER USD11 MILLION DAMAGES
March 2nd, 2020
Big four accountancy firm, EY (formerly known as Ernst & Young) is to pay more than USD11 million in damages to a former partner that blew the whistle on the company’s collusion in covering up money laundering by a Dubai-based client Kaloti Jewellery International. Amjad Rihan was lead auditor in a 2013 audit and flagged up some USD5.2 billion in suspicious cash transactions in 2012 linked to Moroccan gold and potentially conflict-tainted minerals. EY not only failed to report Rihan’s suspicions of money laundering transparently, or end the auditing ...
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