Velzia seeks Big Four seal for HYI: PwC will audit its accounts after approving its restructuring
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High Yield Investment (HYI), Velzia's investment vehicle, a firm dedicated to house flipping, has hired one of the so-called Big Four to audit its accounts once its restructuring plan, which has allowed it to avoid bankruptcy proceedings, was approved. Specifically, the company led by Chany Chapnik has hired PwC as the new auditor of its accounts. A decision that puts an end to the tenure of the firm PKF Attest, one of the ten largest professional services and consulting firms in Spain, which has audited the company's accounts for the past three years. The hiring of PwC comes at a key moment for HYI, which has just closed a complex restructuring process to avoid bankruptcy. A change that represents a strategic shift in the company's transparency policy. PwC has signed an audit contract for the next three years, until 2028; it will then have to be re-elected each year by the board of directors. By choosing PwC, one of the Big Four, as the group formed by Deloitte, EY, KPMG and PwC is known in sector jargon, the CEO of HYI intends to send a message to the market about the company's viability. The seal of a Big Four on audited accounts is an added value that, for example, in the Ibex world, is mandatory. This change of auditor aims to provide guarantees to investors regarding the recovery of the money invested in Velzia's house flipping projects, since these types of companies...
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