PwC Hong Kong to pay HK$1 billion to Evergrande investors
The SFC reached a settlement with PwC over falsified financial statements. Minority shareholders will receive compensation while the auditor faces a hefty fine.
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The securities regulator in Hong Kong has announced a landmark settlement involving the audit profession, as PwC Hong Kong agreed to provide HK$1 billion ($127.7 million) in compensation to independent minority shareholders of CHINA EVERGRANDE GROUP. This decision follows a Securities and Futures Commission (SFC) investigation that revealed serious breaches of professional duties by the auditor, which contributed to the dissemination of falsified financial statements for the years 2019 and 2020.
