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The Financial Reporting Council (FRC) has announced that it has opened an investigation into Shipleys LLP audit of Zaim Credit Systems for the year ended 31 December 2021.
The investigation comes after the London Stock Exchange suspended trading of Zaim’s shares last September following a separate investigation into who wholly owned the company.
The FRC stated that the investigation was only into Shipleys and not into any other “persons or entities”.
Zaim Credit Systems is the UK-listed holding company for Russian lender Zaim Express which provides short term loans. The fintech firm currently operates 25 branches in Russia.
Shipleys said in a statement: “Shipleys LLP is cooperating fully with the Financial Reporting Council to support its investigation into the audit of the consolidated financial statements of Zaim Credit Systems plc. As this is an ongoing investigation Shipleys cannot comment further at this stage.”
