Market Chatter: China Orders Large State-Owned Financial Companies to Terminate PwC as Auditor, Sources Say

MT Newswires Live08-06

Chinese authorities have asked large state-owned companies to remove PricewaterhouseCoopers as their auditor as the services firm is preparing to face penalties for its work on troubled property developer China Evergrande Group (HKG:3333), Reuters reported Monday, citing two unnamed sources.

The finance ministry and other regulators issued informal instructions to large state-owned financial companies as early as April, the report said, citing the sources.

Among those that have terminated PwC as their auditor include Bank of China (HKG:3988, SHA:601988), China Life Insurance (SHA:601628, HKG:2628) The People's Insurance Company (Group) of China or PICC (HKG:1339, SHA:601319), China Taiping Insurance (HKG:0966), and China Cinda Asset Management (HKG:1359), the report said.

More than 20 of China's state-owned financial firms have the country's finance ministry as their largest shareholder. The ministry is the primary regulator for auditors in the country.

Sources attributed the informal guidance as the reason for the departure of clients from PwC, Reuters said.

PwC declined to comment on the matter, according to an email sent to MT Newswires.

China Life Insurance, PICC, Taiping Insurance, and Cinda did not immediately respond to a request for comment from MT Newswires.

(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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The ministry is the primary regulator for auditors in the country.Sources attributed the informal guidance as the reason for the departure of clients from PwC, Reuters said.PwC declined to comment on the matter, according to an email sent to MT Newswires.China Life Insurance, PICC, Taiping Insurance, and Cinda did not immediately respond to a request for comment from MT Newswires.(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. 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