China Fines PwC, Halts Business for Six Months Over Evergrande

Blockhead

2024-09-13

(Bloomberg) -- China halted some of PricewaterhouseCoopers LLP’s business for six months for its role in auditing China Evergrande Group.

The company was fined a total of 441 million yuan ($62 million), according to statements by the Ministry of Finance and the China Securities Regulatory Commission.

PwC has been under the spotlight after China launched one of the biggest investigations of financial fraud in history. Authorities said developer Evergrande’s main onshore unit Hengda overstated its revenue by 564 billion yuan in the two years through 2020.

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