The Telegraph reports today (here) that Police have raided the offices of KPMG and PricewaterhouseCoopers (PwC) in Reykjavik, seizing documents and computer data as part of an investigation into alleged criminal activity at three collapsed Icelandic banks.
These two companies are employed by the Isle of Man. PWC is involved as liquidator of KSFIoM and KPMG is involved in the management of the Depositors Compensation Scheme. They are 2 of the top 4 international auditing companies & their services do not come cheap as the dispossessed depositors have found out to their cost. To those who are the victims of the failed Kaupthing bank these two companies are despised more than traffic wardens & bent coppers.
Why should this be so? Because as the Chairman of KPMG UK says: "Our vision is simply stated to turn knowledge into value for the benefit of our clients.." It is the depositors who are having to pay the cost.
These companies operate in the world of money like vultures scavanging off the carcass of companies that have gone bust, and they do so at the expense of hapless customers who are owed money but end up being left with the bare bones.
No doubt PWC & KPMG operating on the IoM will cry: "we are squeaky clean." Kaupthing depositors sure hope that they are, though KPMG haven't exactly shown themselves to be competent in the way they have handled the DCS payments.