Accountants in Cyprus break from PwC to retain Russia-linked clients via IrishTimesBiz
He estimated that about 50 per cent of Kiteserve’s clients had links to Russia but predicted this would reduce over time. The work related mostly to assets in the west rather than in Russia, Mr Parperis added.
Unlike PwC Cyprus, Kiteserve does not voluntarily observe sanctions imposed by countries such as Australia and Canada. It provides services to entities sanctioned by the EU when permitted under a derogation, though this accounts for only a “small percentage” of Kiteserve’s clientele, said Mr Parperis, adding that the “majority” were not the subject of sanctions by the EU, US or UK.
The deal to waive the restrictions handed PwC Cyprus a gain in return for allowing the departing partners to work for any company they wished. Mr Parperis said he and his co-founders were close to PwC’s mandatory retirement age and the Ukraine war had accelerated plans to strike out alone.
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