PwC Pays $166 Million to Settle HK Evergrande Audit Probe (1)

PricewaterhouseCoopers LLPagreed to pay HK$1.3 billion ($166 million) in fines and compensation to settle investigations into its auditing work for the collapsed property giant China Evergrande Group.

Hong Kong’s Accounting and Financial Reporting Council also imposed a six-month suspension on the firm, barring it from accepting or performing audit work for new listed clients. The watchdog also levied a HK$300 million fine.

In a parallel agreement with the Securities and Futures Commission, PwC HK committed to paying HK$1 billion into a fund dedicated to compensating eligible independent minority shareholders of Evergrande.

The SFC said that the agreement ...