Obaika denies earlier suggestions that the audit firm cannot divulge details of the settlement to him because he is a 'third party'.
PricewaterhouseCoopers LLP's building stands in the financial district of Toronto, Ontario, Canada. Picture: Brent Lewin / Bloomberg via Getty Images
Obaika, who alleges that the manner in which the settlement was paid to him was in breach of regulations related to the repatriation of funds overseas, has demanded that PwC provide “information and or clarity concerning a transaction emanating directly from the accounts of the FirstRand Investment Holdings Ltd ”.
FirstRand eventually agreed a settlement with the lawyer and paid more than one million US dollars, but Obaika remains at loggerheads with the financial services provider. In a letter addressed to Paul Prinsloo, the CEO of PwC, Obaika wrote: “Please note that for purposes of this specific transaction, we cannot be termed as ‘third parties’ as the purported service emanated from us, such to the extent that a significant sum was paid to us by the FRIHL for the purported service in question.”
Asked to comment on the development, PwC said in a written response, “due to our obligations of confidentiality, we are unable to provide you with any comment or information”.Meanwhile, Remgro has responded to concerns raised by Obaika regarding the manner in which FirstRand repatriated the funds it paid to him as a settlement.
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