EY Dubai has to pay a whistleblower 10.8 million.
This relates to a controversy over a Dubai Gold miner. The former EY partner tried to file a report that showed multiple issues with this company. The partner’s name is Ahmad Rihan.
It took seven years from the time he raised the issues until this settlement.
This just shows how hard it is to be a whistleblower as a public accountant. You are charged with being ethical as it is, so it is harder to blow the whistle on your client and your firm.
Even after you blow the whistle you still have to provide tons of evidence that the company was acting with malice or negligence. You also receive threats and your reputation is damaged.
It is easier for most companies to conceal financial misdealings than it is for someone to report them.
Even after all this, EY is still going to appeal the decision.