News

Whistleblower wins millions from Ernst Young in Dubai gold case

April 17, 2020 11:36 PM


A London court on Friday ordered accounting giant Ernst & Young to pay millions of pounds in damages to a whistleblower auditor who raised concerns about a Dubai gold refiner client.

Amjad Rihan was awarded £8.6 million ($10.8 million, 9.9 million euros) after claiming the firm had tried to suppress a report that uncovered various problems with the refiner, Kaloti Jewellery International. Lawyers for Rihan, a former partner at Ernst & Young, said the problems flagged included billions of dollars worth of cash transactions and attempts to deceive authorities by importing large quantities of gold which had been coated with silver.

It was also alleged that the Gulf-based company was involved in buying gold from conflict zones. Rihan claimed he lost his job with the EY, as the accountancy firm has been re-branded, after he raised concerns about the violations.

On Friday, the High Court in London announced that it agreed with him, handing down its judgment following a three-week trial earlier this year.

In a statement, Mr Rihan said: "Almost seven years of agony for me and my family has come to an end with a total vindication by the court. My life was turned upside down as I was cruelly and harshly punished for insisting on doing my job ethically, professionally and lawfully in relation to the gold audits in Dubai. "The court ruled in my favour and found that EY breached its duties towards me, for which I am very grateful."

EY did not immediately respond to a request for comment.

https://www.youtube.com/watch?v=pOavNaBX4NU


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