News Sharing
For sharing news, please enter the email address of you and the receiver, then press SEND button.*Mandatory Fields
Receiver*
Enter email addresses, separated by semicolon (;). E.g. a@a.com;b@b.com
Your email address*
Content Sharing
PwC Partners' Open Letter Names Senior Executives who Cover up EVERGRANDE's Financial Fraud: Rumor
The role of former auditor of EVERGRANDE (03333.HK), PricewaterhouseCoopers (PwC), has aroused market concern over the company's financial fraud. An open letter signed by "...
Reset
Send
The window will close in 5 seconds
PwC Partners' Open Letter Names Senior Executives who Cover up EVERGRANDE's Financial Fraud: Rumor
Close
Recommend
10
Positive
11
Negative
11
 
 

The role of former auditor of EVERGRANDE (03333.HK)  0.000 (0.000%)   , PricewaterhouseCoopers (PwC), has aroused market concern over the company's financial fraud. An open letter signed by "some of the PwC partners" has been spreading across social media platforms in China over the weekend, targeting Raymund Chao, the Asia Pacific and China Chairman of PwC.

Much of the letter focused on Chao's role and power imbalance within the firm, including claims that there was a "Chao's inner circle" at PwC, where less than 10 senior executives could get a share of RMB200 million, making money sharing the highest priority for the management, but no proof of this has been provided.

Related NewsJPM: Rebound of CN Property Stocks May be Short-lived; Apr Mth-to-date Sales Drop Worst in Recent Yrs
Meanwhile, the market also queried whether PwC had assisted EVERGRANDE Founder Hui Ka Yan in tax evasion and transferring funds outside China in the course of providing auditing services, but also no proof has been provided.

Chao, and Daniel Li, Partner, Assurance of PwC, convened a special partners' meeting yesterday (14th) afternoon to discuss the incident and denounced the contents of the anonymous open letter as untrue.
(HK stocks quote is delayed for at least 15 mins.)

AAStocks Financial News

Copyright(C) AASTOCKS.com Limited 2000. All rights reserved.
Disclaimer: AASTOCKS.com Ltd, HKEx Information Services Limited, its holding companies and/or any subsidiaries of such holding companies endeavour to ensure the accuracy and reliability of the Information provided but do not guarantee its accuracy or reliability and accept no liability (whether in tort or contract or otherwise) for any loss or damage arising from any inaccuracies or omissions.