A source just sent us this statement from KPMG International that says its member firms in Russia and Belarus will be leaving the KPMG network:
“We believe we have a responsibility, along with other global businesses, to respond to the Russian government’s ongoing military attack on Ukraine. As a result, our Russia and Belarus firms will leave the KPMG network. KPMG has over 4,500 people in Russia and Belarus, and ending our working relationship with them, many of whom have been a part of KPMG for many decades, is incredibly difficult. This decision is not about them – it is a consequence of the actions of the Russian Government. We are a purpose-led and values-driven organization that believes in doing the right thing. We will seek to do all we can to ensure we provide transitional support for former colleagues impacted by this decision.”
Earlier today several news outlets broke the news that PwC is also cutting ties with its member firms in Russia and Belarus due to the war in Ukraine. PwC Global Chairman Bob Moritz confirmed in a statement late Sunday afternoon that PwC is pulling out of Russia, but he didn’t confirm a report by the Financial Times earlier today that PwC Belarus was also exiting PwC’s network of firms. It’s only a matter of time before Deloitte and EY make similar announcements.
Related articles:
Reports: PwC Is Withdrawing From Russia and Belarus
Big 4 Firms Condemn Russia’s Invasion of Ukraine, But Will They Sever Relationships With Any Russian Clients?
Grant Thornton Drops Its Russian Affiliate Over Conflict In Ukraine
Ex-Big 4 Partner On Why the Big 4 Firms Should Pull Out of Russia: ‘It’s the Right Thing to Do and You Know It’
I will call it justified if KPMG International cut ties with KPMG US when US invaded Iraq or bombed Libya. As foreigners, we all know how hypocrite US politicians are, just like big4 leadership. ^-^
b.t.w. Checked out Time Magazine September 11, 1995 | Vol. 146 No. cover page: Bringing the Serbs to Heel – A massive bombing attack opens the door to peace”… yeah, right?!