KYIV, April 5 – PricewaterhouseCoopers LLC is aware of reports that legal proceedings have been initiated by PrivatBank against PwC Cyprus and PwC Ukraine in the Cypriot court system and does not believe there is any merit for this action, PwC said on its website.

"PwC Ukraine has not been served with any official documentation in relation to this claim and as such cannot comment in detail. We do not believe there is any basis for this action and we will if necessary defend our position vigorously," the company said.