Business
PwC Invests in High-Quality Chinese Operations to Secure Survival Following Record US$62 Million Fine and Suspension Over Evergrande Audit
PwC funnels resources into its 'top-notch' China operation to guarantee its longevity after a US$62 million penalty. PwC Zhong Tian was slapped with a half-year ban and a fine amounting to 441 million yuan on Friday due to their audit of the unsuccessful real estate developer, China Evergrande Group.
PwC is actively investing to guarantee the strength and longevity of its business in China, as stated in an internal communication with its staff. This comes after Chinese authorities imposed an unprecedented fine on the company's mainland division last Friday.
"PwC distributed an internal memo late Friday, following the announcement of the regulatory penalty. As Reuters reports, the memo acknowledged the immense difficulties everyone has been facing during this period."
The PwC network has consistently backed our China branch during this time… They are making concrete financial commitments to guarantee a long-lasting, superior and viable business in China," was the statement.
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