IGI Logo

LONDON - Britain's accounting regulator said on Monday it has begun an investigation into how PwC audited the accounts of Wyelands, the bank owned by steel tycoon Sanjeev Gupta's metals-to-finance empire GFG Alliance.

Wyelands financed GFG Alliance, which was closely linked to financing company Greensill Capital, which went bust earlier this year.

The Financial Reporting Council said it has started the investigation into PwC, one of the world's Big Four auditors, in relation to its auditt of the consolidated financial statements of Wyelands Bank for the year ended 30 April 2019.

(Reporting by Huw Jones; Editing by Rachel Armstrong)