Bank of Moscow could retain Ernst and Young as auditor for 2012

Interfax: Russia & CIS Business and Financial Newswire

Bank of Moscow (RTS: MMBM) could retain Ernst and Young as auditor to Russian Accounting Standards (RAS) for 2012, the bank said.

Ernst and Young was hired in November 2011. The bank had been audited by BDO since 2003.

Shareholders will be asked to approve the auditor at their annual shareholders meeting on June 4.

The Kommersant newspaper has said BDO’s offices were searched last summer in connection with a criminal case against former top managers at Bank of Moscow. The law enforcement agencies had no questions for the auditor, however they could arise due to the considerable amount of problem loans at the bank, the paper has said.

Ernst & Young also audits VTB (RTS: VTBR), which now owns Bank of Moscow.

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