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Weekly Catch-Up 10th May

Tuesday 14 May 2019

High Profile Accountant jailed after £3.5 million fraud

Andrew Munday, the former accountant of singer Rita Ora and rugby international Matt Dawson, has been jailed for more than five years after committing a £3.5 million fraud.

Maunday from Northampton, caused a £2.4 million loss to Rita Ora’s company as well as a £1.08 million loss to Dawson’s. Munday admitted six counts of fraud and three counts of money laundering and was believed to use his profit to fund a “lavish lifestyle” and gambling addiction.

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Trump blasts report, declaring accounting “a sport”

US President Donald Trump hit back at a report that claimed his businesses had lost $1 billion from 1985 to 1994. The New York Times report claimed that across his businesses, which included casinos and hotels, they had totaled losses of $1.7 billion, which meant he avoided paying income tax for eight of the ten years.

Trump tweeted “You always wanted to show losses for tax purposes ... almost all real estate developers did - and often re-negotiate with banks, it was sport.”

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Kraft Heinz misconduct leads to company to restate years of accounts

A review into buying and accounting procedures at food giant Kraft Heinz has uncovered “misconduct” by employers meaning the company will have to restate their accounts for the years 2016, 2017 and 2018.

The company, who said they would correct the “errors”, owns brands including Capri Sun and HP sauce.

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Accounting software giant suffers huge Malware attack

Wolters Kluwer, a tax accountancy software that serves many US accounting firms and banks, was victim to a malware attack which blocked access to vast databases of tax returns on Monday morning.

The attack has left many in the accounting world unable to work this week. Elizabeth Queen, vice president of risk management for Wolters Kluwer, told CNBC. "We're working around the clock to restore service.”

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