PwC to bring UK partner for help after Evergrande scandal hurts operations in China: Report
PricewaterhouseCoopers' China unit, the audit major is likely to tap senior partner from the United Kingdom to run its business in the East Asian country as fallout from collapsed property developer Evergrande continues to mount, reported The Financial Times quoting its souces.
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'The accounting firm’s global leaders have tapped Hemione Hudson, a runner-up in the race to lead PwC UK earlier this year, to lead the scandal-hit China business,' reported FT further by quoting its sources.
The troubles also increased for the audit giant after Country Garden Holdings said on Thursday that PwC has agreed to resign as its auditor, as the property developer became the latest Chinese company to sever ties with the firm.
PwC has been in focus over its role in auditing China Evergrande Group which was accused of a $78 billion fraud, triggering a client exodus, cost cuts and layoffs.
Previously, Chinese regulators were expected to impose a six-month business suspension on a big part of PWC's auditing unit in mainland China, as a penalty for its work on troubled property developer Evergrande, according to Reuters report.
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