Big Four

Deloitte resigns as auditor of Polymetal over Russian ties

The firm said it will not be able to carry out an audit of the company given that the majority of its assets and operations are in Russia.

Deloitte has officially resigned as the auditor of Polymetal due to the firm’s ties with Russia amid the ongoing crisis in Ukraine.

Polymetal is an Anglo-Russian precious metals mining company with assets in Russia and Kazakhstan.

Deloitte said it will not be able to carry out an audit of the company given that the majority of its assets and operations are in Russia.

The company’s board has now commenced the search for the replacement of an auditor.

This follows the announcement on 7 March 2022 that Deloitte’s Russian and Belarus firms would separate from the global network of member firms of which Deloitte LLP is a part of.

Meanwhile, on 30 March 2022, Polymetal reported that in Russia, sales of gold and silver concentrates continued normally to East Asia and Kazakhstan.

Polymetal’s operations in Russia and Kazakhstan are reportedly “undisrupted” and its production guidance for 2022 remains unchanged as the group’s scope of operational activities is “stable”.

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