PwC Faces $166M Fine for Evergrande Audit Fiasco

0:00PWC just dropped $1.3 billion Hong Kong dollars, that's about $166 million US dollars, and fines and payouts in Hong Kong. Over its botched audit of the crash Chinese developer, Evergrande, Hong Kong regulators slapped the six month ban on the firm, signing new clients and hit two ex-partners with $5 million Hong Kong dollars fines each, from his conduct. Evergrande, once seen as too big to fail, tanked in 2021 with around $300 billion in debt after faking revenue. Numbers big time, the whole mess sparked a China's property meltdown when the government cracked down on wild borrowing, leading to defaults everywhere. That slump is still dragging China's economy, tanking home prices, curbing spending, and slowing growth overall. PWC's already hurting, losing clients and staff after a Hong Kong court ordered Evergrande liquidated last year. Regulators found PWC ignored massive overstatements, like $564 billion yuan, or $83 billion in fake

1:05sales revenue. For 2019 and 2020, mainland China hit them earlier this year, with a $62 million fine and another six month ban for the same shady work. Liquidators are still chasing PWC in court, to claw back cash for creditors, while Evergrande's founder just cops a fraud and bribery charges in. China. This saga shows how deep the cracks run in that property empire. Stay informed with Canada News today, AI-powered updates. I'm Corey with The Story.