CHINA FINES PWC USD62.7 MILLION OVER EVERGRANDE ACCOUNTING FRAUD
September 23rd, 2024
The Chinese auditing unit of accounting giant PwC has been fined a record Chinese Yuan Renminbi CNY441 million (USD62.7 million) and banned from auditing in mainland China for six months after a regulator concluded it had “covered up and even condoned” fraud at Evergrande Real Estate Group, including at its Hong Kong subsidiary Hengda.
The China Securities Regulatory Commission (CSRC) fined PwC Zhong Tian LLP CNY297 million (USD42 million) for failing to exercise due diligence in its auditing of the now bankrupt Evergrande, which itself was fined CNY4.18 ...
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