Global consultancy PwC is being suspended from conducting business in mainland China, according to a statement published on September 13 by China's Ministry of Finance.
The China Securities Regulatory Commission CSRC has fined PwC Zhong Tian, PwC's mainland China accounting entity which is part of PwC's global network, a total of Rmb325 million $45.8 million for breaches of securities law, and the Ministry of Finance fined the consultant a further Rmb116 million, according to the statement.
11 accountants at PwC were cited as breaking rules, with four who signed the audits given penalties, and a further seven given warnings or...
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