China fines PwC $62 million for its role in the Evergrande collapse

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1. “Chinese authorities have been examining PwC’s role in the accounting of Hengda Real Estate since the CSRC accused the developer in March of a $78-billion fraud over a period of two years through 2020.

   The business suspension and fines are the toughest ever penalty received by a Big Four accounting firm in China and come against the backdrop of an exodus of clientele and layoffs at the firm in recent months.

   The move is set to cloud PwC’s prospects in the world’s no. 2 economy. PwC Zhong Tian, the registered accounting entity and the main onshore arm of PwC in China, was the country’s top-earning auditor in 2022, according to the latest official data.

   PwC has, to a certain extent, covered up and even condoned Evergrande’s financial fraud and fraudulent issuance of corporate bonds,” said the CSRC statement.

   “It (PwC) has to be severely punished according to law.”

   Chinese regulators have accused Evergrande and its founder of inflating revenues by $78 billion, putting the insolvent property developer at the heart of the country’s biggest ever financial fraud case.”

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   But..but…far right extremists libertarians tech bros wants their handouts now……see…China is ‘evil ‘…..