Valentina Kurnosova
Director

Valentina Kurnosova is a Director at Perun Consultants.

Valentina is a committed and experienced forensic and risk professional with more than 13 years of diverse expertise in forensic accounting, dispute advisory services, fraud investigation, budgeting and pricing, management and financial accounting, with a passion for advancing knowledge in these fields.

Valentina began her professional journey at prominent full-cycle manufacturing companies, where she specialised in economics, planning, and pricing, dedicating over four years to these roles before transitioning to the Big Four as a forensic expert. She then worked at two Big Four firms where she contributed to and led over 70 projects over the span of eight years. These included dispute advisory services (forensic accounting, quantification of damages and valuation of lost profit), financial investigations, asset tracing, compliance reviews, internal and media audits, anti-fraud audits, and due diligence assessments.

Valentina has prepared numerous expert witness, replies, and joint reports for a wide range of courts, including international arbitration (SCC, ICSID, ICC, LCIA), ensuring full compliance with all relevant legal and regulatory standards.

Representative engagements

• High-profile multimillion-dollar forensic investigation of two major CIS-based construction groups, revealing asset embezzlement schemes through fictitious contracts with offshore companies, leading to the criminal prosecution of company owners.

• Forensic investigation of shareholder dispute within a group of Dubai-based cartography companies operating in the MENA region, with damage quantification for each party.

• Forensic investigation and damage quantification related to promissory note schemes executed by management of an aviation parts manufacturer.

• Forensic accounting investigation of financial misreporting and manipulation in pricing practices by the management of a printing company.

• Forensic accounting investigation into a major lifting equipment manufacturer, leading to management overhaul and organisational restructuring.

• Series of forensic investigations with damage calculation regarding various construction entities: EPC contractors, developers, subcontractors, several of which resulted in the initiation of criminal cases.

• Forensic investigation of allegations regarding the management of a market in Ukraine, with calculation of associated damages.

• Forensic investigation into the activities of a coal mining company.

• Forensic investigation of a chemical plant construction project.

• Forensic investigation into marketing activities conducted by an international alcoholic beverage manufacturer.

• Forensic investigation into an international metal coil and sheet manufacturer, related to alleged product theft and document forgery.

• Forensic accounting investigation into employees of an association bar due to fraudulent loan agreements and assignment transactions.

• Investigation of allegations made by a major European pharmaceutical company regarding their contractor in Ukraine and Georgia, related to non-performance of services, cashing-out schemes, etc.

• Forensic investigation for a large European technical services and installation company regarding potentially illegal schemes, including payments without material deliveries, reduction stations, etc.

• Forensic investigation into potentially improper use of contributions by management of a subsidiary, requested by a multinational food-products corporation.

• Forensic expertise in alleged cases of fraud, corruption, and conflicts of interest by directors of a mortgage company and a mortgage insurance company.

• Asset tracing for a major bank, uncovering cases of asset embezzlement and fraudulent enrichment by company management.

• Expert analysis of the financial and business activities of a group of companies constructing a residential complex in Moscow, with deliverables used by the US Court of Arbitration to request documents and initiate shareholder proceedings.

• Review and analysis of an expert’s opinion in court proceedings, identifying inconsistencies, logical and technical errors, and other flaws indicating the unreasonableness of conclusions on lost profits, along with the preparation of an alternative calculation.

• Forensic analysis of procurement processes across 12 oil and gas companies, calculating damages from mismanagement and fraudulent activities (circa USD 400M).

• Forensic accounting analysis of a CIS metal structures manufacturer, focusing on pricing, cost accounting discrepancies, and damage assessment from management misconduct.

• Forensic review of procurement processes for companies in the entertainment sector to evaluate efficiency and compliance.

• Forensic audit of a European transportation organisation’s operations over five years, identifying indicators of operational inefficiency.

• Forensic due diligence and compliance audit of the operations of 8 CIS-based companies in the archival industry.

• Comprehensive forensic due diligence of a factory specialising in harvesters, tractors, and cranes production, focusing on financial integrity.

• Compliance assessment of the Ukrainian branch of a socially-oriented community organisation registered in Sweden, including identification of potential fund misappropriation.

• Analysis of the product sales process of a CIS-based mineral extraction company, including a detailed review of commodity trading for potential collusion.

• Sample-based compliance analysis for a Ukrainian pharmaceutical company.

• Compliance assessment of corporate anti-corruption systems with FCPA requirements for a group of companies in the payment agent industry.

• Compliance audit of subcontractor compensation calculations and payments thereto for a Kazakh oil company during COVID-related downtime.

• Forensic due diligence on the operations of a plywood manufacturer, assessing affiliation risks and associated financial damage.

• Forensic accounting analysis of operations at a German metal packaging manufacturer, identifying signs of manipulation in accounting and reporting.

• Estimation of losses due to the termination of an EPC contract for the construction of a mining and processing plant valued at USD 1 billion, including direct losses, lost profits, and subcontractor claims, Stockholm Chamber of Commerce (SCC).

• Quantification of losses suffered by a large bulk cargo terminal due to improper performance of a contract for the supply of technological equipment, International Chamber of Commerce (ICC).

• Estimation of losses associated with the fraudulent activities and money laundering committed by the management of a large car-building plant in the CIS, International Centre for Settlement of Investment Disputes (ICSID).

• Quantum and forensic accounting reports on the termination of SHA and EPC contracts for a major energy project in Europe, International Chamber of Commerce (ICC).

• Valuation of scrap metal companies, marketability of lease agreements, and shares price adjustments due to non-market leases, London Court of International Arbitration (LCIA).

• Lost profits calculation from incorrect share valuation in the M&A deal for a chemical company, International Chamber of Commerce (ICC).

• Estimation of damages and lost profits of a chemical company due to raw material delivery suspension from sanctions, International Chamber of Commerce (ICC).

• Counter-calculation of unfulfilled obligations by a Turkish tourism company.

• Evaluation of the impact of sanctions imposed on a minority shareholder on the medium-term financial performance of two companies, the Court of the European Union.

• Assessment of project status and quantification of damages related to shareholder sanctions, the Court of the European Union.

• Assessment of DSU (Delay in Start-Up) and BI (Business Interruption) damages resulting from a fire, for the purposes of negotiations with an insurance company.

• Analysis of transactions leading to deliberate bankruptcy and assessment of creditor losses in arbitration proceedings in Cyprus, France, and the UK.

• Forensic financial and operational integrity review of two CIS oil fields, identifying optimisation opportunities for staffing and management structures.

• Evaluation of financial reliability and stability of payment agents from China and Hong Kong for marketplace transactions.

• Media audit of TV advertising deals for a major French pharmaceutical company to assess contractual compliance.

• Development of procurement algorithms for a large chemical company in the CIS to ensure accuracy and transparency.

• Management consulting on fraud risk in the financial and operational activities of a contractor for the restoration of a cultural heritage site in the CIS.

• Operational efficiency analysis, internal controls, and budget discipline within a waste management company.

Professional qualifications and associations

• Certified Fraud Examiner

• Certificate in Valuation, Plekhanov Russian University of Economics

• Certificates in standards ISO 9001 ‘Quality management System’ and 55001 ‘Asset Management’

• Postgraduate study in Economics, Moscow Region University of Technology

• Master in Civil, Family and International Private Law, Togliatti State University

• Bachelor in Accounting, Analysis and Audit, Togliatti State University

Languages

• English

• Russian