China is reportedly considering imposing a record fine on PricewaterhouseCoopers LLP (PwC) and suspending some of the auditor’s operations within the country due to its role in auditing the troubled property developer China Evergrande Group (HK:3333), Bloomberg News reported on Thursday.
The proposed fine could amount to at least 1 billion yuan ($138 million). Additionally, PwC might face suspension of operations at several of its mainland offices. China’s Ministry of Finance is expected to announce the penalties as early as this week, according to sources familiar with the matter.
Both PwC and the Ministry of Finance did not immediately respond to Reuters’ requests for comments on Thursday.
PwC has been under scrutiny since a Chinese regulator found earlier this year that Evergrande, once the country’s largest developer, had overstated revenue by 564 billion yuan at its main unit Hengda over the two years through 2020.
PwC had been Evergrande’s auditor for nearly 14 years until it resigned in early 2023, citing disagreements over audit matters, according to a previous filing by Evergrande.
In addition, PwC is under a separate investigation by a Hong Kong financial regulator. This investigation, initiated in April, followed a whistle-blower letter that raised concerns about audit deficiencies related to China Evergrande.
Earlier this year, a Hong Kong court ordered the liquidation of Evergrande after the company failed to deliver a debt restructuring plan more than two years following its default on offshore note payments.
($1 = 7.2494 Chinese yuan renminbi)
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