Hong Kong regulators fine PwC $166M over China Evergrande audit
AP News
—
PwC has been fined $166 million in Hong Kong over its audit work for the collapsed Chinese property developer Evergrande.
The territory's accounting regulator said Thursday it has also imposed a six-month ban on PwC from taking new clients and sanctioned two former partners.
The fines follow a probe that found Evergrande had overstated revenues of over $80 billion in its 2019 and 2020 financial statements which were audited by PwC. Evergrande, one of China's biggest developers, defaulted in 2021 and had roughly $300 billion in liabilities.
Its downfall highlighted the liquidity crisis in China's property sector.
PwC Fined Over Evergrande Audit
- Hong Kong regulators fine PwC $166M over China Evergrande audit ABC News —
- PwC to Pay $166 Million to Settle Hong Kong Evergrande Audit Probe Wall Street Journal —
- PwC fined $166mn by Hong Kong regulators over Evergrande audit Financial Times —
- Hong Kong regulators fine PwC $166M over China Evergrande audit The Independent —
- PwC Agrees to Pay $166 Million to Close Evergrande Probe in HK Bloomberg —