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Chinese authorities have banned the accounting firm PwC for six months and fined it over 400 million yuan ($56.4 million) over its involvement in the audit of collapsed property developer Evergrande.
Chinese regulators have hit PwC’s auditing unit in mainland China with a six-month business suspension and a record fine of 441 million yuan ($62 million) over the firm’s audit of troubled ...
Evergrande stated on 19 March 2024 that the China Securities Regulatory Commission (CSRC) had found that the company had overstated its revenue in 2019 by 214 billion yuan (nearly US$30 billion), or about half, and in 2020 its revenue was overstated by nearly 80%, or 350 billion yuan (US$48.6 billion). [101]
The China Securities Regulatory Commission (CSRC) slapped a penalty of 4.175 billion yuan ($580 million) on Hengda Real Estate, the group’s main Chinese unit, the company said in filings to the ...
Evergrande was incorporated in the Cayman Islands, a British Overseas Territory, and headquartered in the Houhai Financial Center in Nanshan District, Shenzhen, Guangdong Province, China. [5] In 2018, Evergrande became the most valuable real estate company in the world, [6] but by 2021 it had collapsed financially and started the Chinese ...
A separate regulator, the China Securities Regulatory Commission, also imposed fines and confiscations totaling 325 million yuan ($45.8 million) on PwC for allegedly failing to perform due diligence in the audit of Evergrande. China's finance ministry said PwC issued "false audit reports" of Evergrande and that the audit procedures had ...