July 31, 2021

Ernst & Young and the scam that cost Mozambique $2.2bn

The people of Mozambique have been battered by devastating cyclones and an increasingly virulent armed insurgency in the north of the country. The backdrop is a country battling State Capture. This involves a coterie of corrupt politicians, multinational corporations and international banks.

In previous instalments of the Unaccountable series, we wrote about the role of Credit Suisse and VTB Capital in megalooting in Mozambique. This week we turn our attention to the complicity of one of the Big Four auditors, Ernst & Young. 

EY: Crisis on crisis

Ernst & Young (EY) is no stranger to corporate scandal or audit failure. Open Secrets covered some of this in Unaccountable 00019: EY- Incompetent, Negligent or Criminal. Hot on the heels of their dubious role as auditors and consultants at the now defunct Lehman Brothers, EY is again facing another credibility crisis. The firm is…

Read full article here: www.dailymaverick.co.za