PwC Invests in China Operations After Record $62M Fine

PwC implements remediation strategy following a significant penalty for its audit of China Evergrande Group.

PwC received a record fine of 441 million yuan ($62 million) and a six-month suspension for its audit of China Evergrande Group.
Chinese regulators have been investigating PwC's role in Evergrande's $78 billion fraud from 2018 to 2020.
PwC's new China territory head, Hemione Hudson, is leading the remediation efforts, focusing on staff support and leadership changes.
The firm emphasized that the misconduct involved a small number of employees and does not reflect the work of its 18,000 professionals in China.
Investigations into PwC's Hong Kong unit's involvement with Evergrande are ongoing, signaling heightened cross-border regulatory scrutiny.