📣 FTX Liquidator Faces Investigation in China
posted 22 Mar 2024
The Chinese government is scrutinizing PricewaterhouseCoopers (PwC), the audit firm implicated in a significant fraud case with the Evergrande Group, involving around $78 billion. Chinese officials have reached out to PwC accountants who audited the construction giant, seeking more insights.
While PwC has not yet addressed the potential investigation, it's crucial to note that the firm discontinued its services for Evergrande amid financial reporting conflicts for the year 2021. Currently, Evergrande is saddled with the heaviest debt ($300 billion) globally among construction companies.
Previously, the China Securities Regulatory Commission (CSRC) penalized Evergrande Group with at least a $580 million fine for overstating sales figures and restricted some of its managers from managing financial records. Remarkably, PwC is also overseeing the liquidation process for the defunct cryptocurrency exchange, FTX, in the Bahamas.
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