Hong Kong Regulator Reaches HK$1 Billion Compensation Deal With PwC Over Evergrande

MT Newswires Live04-24 10:12

Hong Kong's Securities and Futures Commission has reached an agreement with PricewaterhouseCoopers Hong Kong under which the auditor will set aside HK$1 billion to compensate eligible minority shareholders of China Evergrande (HKG:3333), according to a statement on Thursday.

The regulator found Evergrande had materially overstated revenue and profits in 2019 and 2020, while PwC failed to meet auditing standards, including maintaining independence and verifying key financial information.

The agreement resolves the matter without admission of liability, and the SFC will take no further action against PwC if the terms are fulfilled.

The compensation will be distributed to eligible shareholders through an independent process to be announced later, the regulator said.

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