As a result of merge, auditing company ICLC will enter into the largest international network Nexia International

23.08.2007

Since 2006, the auditing company – International Consulting and Legal Center on Taxation (ICLC) with which the financial group LenSpetsSMU has executed an agreement on financial statement auditing in accordance with the International Auditing Standards, had been a part of the large auditing network SC International. In August of 2007, the Boards of Nexia International and SC International, two leading worldwide networks of independent accountancy, tax and business advisers, resolved to merge and create a network which is to become the ninth largest provider of audit and advisory services in the world..

To be known as Nexia International, the enlarged network received in 2006 a combined turnover of US$ 2.2 billion, with 600 offices represented in 97 countries, and over 23,000 employees world-wide.

The merger of the two networks is expected to complete on the 1st of December, 2007 following various procedural requirements. The merger will enhance Nexia International’s service offering and provide it with crucial additional resources to meet growing client demands.

The administration of “LenSpetsSMU” expects the merger of two international networks to increase the possibilities of CJSC ICLC in the area of auditing and consulting and to make the financial statement of “LenSpetsSMU” even more comfort for investors.

For reference:

SC International (SCI) is a leading worldwide association of independent accountancy practices in over 50 countries. SC International's clients are businesses, not-for-profit organisations and private clients with an international dimension or multi-domestic needs. In 2006, SCI was ranked as the 20th largest global association / network with global revenues in excess of US$ 749 million through 265 worldwide offices and approaching 8,000 employees.

Nexia International is a worldwide network of independent auditors, business advisers and consultants founded in 1971. Nexia has global representation with member firms ranking in the top ten in the world's major financial and economic centres. Fee income for 2006 was approximately US$1.5 billion, and the network has 334 offices and over 14,000 employees around the world.