China Imposes Fines, Six-Month Ban on PWC

China’s Ministry of Finance on Friday imposed an administrative penalty of about 16.35 million U.S. dollars and a six-month business suspension on PricewaterhouseCoopers (PwC), a global accounting firm, over its illegal auditing activities for property developer Evergrande Real Estate Group in 2018.

The penalties imposed by the ministry in accordance with the Law of the People’s Republic of China on Certified Public Accountants, also include the confiscation of illegal gains and revocation of PwC’s Guangzhou branch, and an administrative warning.