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  • a2z September 16
Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.

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PWC China Operations

BaluBalu
edited September 14 in Other Investing
"China suspended the operations of PricewaterhouseCoopers for six months and imposed a record penalty over lapses in its auditing of China Evergrande Group. The accounting firm was fined 441 million yuan ($62 million) for its work on Evergrande’s inflated financial reports from 2018 to 2020. Regulators also ordered the closure of PwC’s branch in Guangzhou. PwC has been under scrutiny since China launched one of the biggest investigations of financial fraud in history. Authorities have said developer Evergrande’s main onshore unit Hengda overstated its revenue by 564 billion yuan in the two years through 2020. PwC “turned a blind eye” to Evergrande’s fraud, securities regulators said."

I want to know how much PWC paid to CCP to get away with a meagre $62M fine. That is peanuts.

Comments

  • a2z
    yep, this is why any multinational doing biz in china means the 'Compliance' dept has another meaning.

    FRDM etf is a convenient way to track these nations, companies.
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