Accounting firm PricewaterhouseCoopers is facing escalating turmoil in Hong Kong, with at least 10 more partners set to exit in June, as the fallout of its China Evergrande (HKG:3333) audits continues, Bloomberg News reported Monday.
This was in addition to the 20 departures in the previous six months in Hong Kong, according to the report. In mainland China, 77 partners have left since December 2024. Some departures are reportedly retirements or moves to rivals; others are forced exits.
PwC China, fined 441 million yuan for flawed Evergrande audits, saw its revenue decline 11% to 6.3 billion yuan in 2024, Bloomberg wrote. Hong Kong's operations, though legally separate, share the financial pain.
Key clients in China, including AIA and Li Ning, have ditched PwC, according to the report. Hong Kong's market regulator also switched to Deloitte.
Additionally, PwC faces a lawsuit from Evergrande's liquidators over alleged audit negligence, Bloomberg wrote.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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