Court calls PWC agreement with YUKOS invalid

A verdict of the Moscow Court of Arbitration ruled an auditing agreement between PricewaterhouseCoopers and YUKOS invalid, which will now force PWC to hand over approximately $US 650,000 it received under the deal.

A representative of the Federal Tax Service says the auditing arrangement was aimed at covering up tax infringements by YUKOS.

PWC says the agreements were legal and will appeal the verdict.