Two of Hong Kong’s financial regulators have fined PwC a combined HK$1.3bn ($166mn) and imposed a six-month ban on taking new audit clients following an investigation into the accounting firm’s work for the collapsed property developer Evergrande.
The Securities and Futures Commission said on Thursday that the Big Four firm committed “serious breaches of auditors’ professional duties” during its audits of Evergrande in 2019 and 2020.
The SFC said PwC’s Hong Kong business would set aside HK$1bn to compensate Evergrande’s independent minority shareholders, after concluding a four-year investigation that began shortly after Evergrande’s 2021 debt default sent shockwaves through the Chinese property sector.
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