UANI Renews Accounting Campaign, Calls on UK's Grant Thornton to End Business in Iran

FOR IMMEDIATE RELEASE

March 25, 2013

Contact: Nathan Carleton, [email protected] 

Phone: (212) 554-3296

UANI Renews Accounting Campaign, Calls on UK's Grant Thornton to End Business in Iran

Grant Thornton openly maintains a correspondent firm in Iran -- Rymand & Co. Major clients of Rymand & Co. include public manufacturing firms, Iranian government organizations and agencies, as well as foreign company branches present in the country.

At the same time, Grant Thornton does extensive business in the U.S. via Chicago-based Grant Thornton LLP, its largest member firm. According to USASPENDING.gov, Grant Thornton LLP has earned $847,471,233 in U.S. government contracts since 2000, with the Department of Defense being the primary contracting agency.

UANI's "Accounting Campaign" highlights the practices of international accounting networks and associations that maintain member or correspondent firms in Iran. These Iranian member and correspondent accounting firms greatly benefit from membership in these respected brand name accounting networks and associations. Iranian accounting firms commonly provide services for the Iranian government, blacklisted Iranian entities, and firms in Iran's sanctioned oil and gas sector.  

In a letter sent to Grant Thornton Executives, UANI CEO, Ambassador Mark D. Wallace, wrote:

            ... Grant Thornton openly maintains a correspondent firm, Rymand & Co., in Iran. Major clients of Rymand & Co. include public manufacturing firms, Iranian government organizations and agencies, as well as foreign company branches present in the country. UANI strongly believes that Grant Thornton should not enable the provision of such vital professional and financial services to the Iranian government and foreign companies in Iran at a time when the international community is working to economically isolate the regime in response to its nuclear program, support for terrorism and gross human rights violations.

            Grant Thornton should also consider how its Iran business dealings could affect its extensive business in the United States. Grant Thornton LLP of the U.S. is the largest member firm of the Grant Thornton International network. In October 2012, Grant Thornton LLP announced record revenue of $1.212 billion for the 2012 fiscal year. Grant Thornton LLP also "serves nearly all major departments and agencies in the U.S. federal and many in state and local governments." According to USASPENDING.gov, Grant Thornton LLP has earned an astounding $847,471,233 in U.S. government contracts since 2000, with the Department of Defense being the primary contracting agency.

            Given its extremely lucrative business with the U.S., as well as the financial and reputational harm of its continued Iran business ties, Grant Thornton should follow the responsible lead of the "Big Four" professional services networks and immediately end its Iran business. In 2010, KPMG severed ties with its Iranian member firm in response to UANI's campaign, and PricewaterhouseCoopers and Ernst & Young informed UANI that they had discontinued their business relationships in Iran. ...

In 2010, UANI pursued a successful campaign against three of the "Big Four" accounting firms reportedly active Iran. In response to UANI's campaign, KPMG severed ties with its Iranian member firm, and PricewaterhouseCoopersand Ernst & Young informed UANI that they had previously discontinued business relationships in Iran. As a result, none of the Big Four continue to operate in Iran.

UANI has requested a reply from Grant Thornton by April 1, 2013.

Click here to read UANI's full letter to Grant Thornton.

Click here to send a message to Grant Thornton.

Click here to learn more about UANI's Accounting Campaign.