Kaloti denies Ernst & Young report over gold-sourcing compliance | The National:
"Kaloti Jewellery Group yesterday denied claims that its gold trade business fell short of compliance requirements, as detailed in a report by Global Witness, a UK-based NGO.
The report, issued on Tuesday, claimed that an inquiry by the accountancy firm Ernst & Young (EY) into Kaloti’s supply-chain compliance for 2012 found a number of serious failures that should have immediately been made public.
These are alleged to have included the failure to report a series of suspicious cash transactions totalling US$5.2 billion over the year and knowingly accepting four tonnes of gold disguised as silver imported from Morocco by suppliers with falsified paperwork."
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