PWC throws 66 partners after a scrutiny in China

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Dozens of PWC China Partners have left their roles in recent months in the wake of its scrutiny of the failed real estate developer Evergrande.

The company’s mainland China The entity was revealed to the Ministry of Finance database for the accredited public accountants in December and January that 66 people were “no longer”, although it is unclear whether they had left the company.

The disclosure is made whenever the partners join or step down from the partnership.

The separate registry shows that the main mainland company has 277 parties registered in the stocks from Tuesday, including 65 departing partners, indicating a reduction in more than 20 percent.

The decrease in the ranks of PWC China is the largest in five years and comes after the authorities An imposition of a six -month ban In September, the company’s fine is more than $ 60 million due to fraud “hiding or even overcoming” during its audit by Evergrande.

Disclosure highlights losses PWC Because it moves in the wake of the organizational audit. This reduction is much greater than in its four adult competitors, Deloitte, EY and KPMG, each of which informed partner’s two -year partner flights.

In September 2023, a year before the embargo, PWC China 1,048 partners had shares and non -property rights, on the mainland and Hong Kong, according to disclosure.

A company spokesman said: “Over the past few months, PWC China has reshaped its business,” a company spokesman said. “As we went through this process, some partners retired from the company.”

Among those who are no longer partners are Raymond Zhao, former PWC Assia-Pacific and China; Gvin Choi, former PWC China’s finance head; Jim Chen, a partner based in Beijing oversees the agents of state -owned institutions; Ber Chan, who previously led the company’s audit department in northern China.

Many partners in the Chinese Guangzhou branch, who had to solve it after the fine of Evergrande, was no longer in their roles.

The Chinese regulations are actually characterized by the logic of the state -owned companies and the school from the list of auditors who have been fined in the past three years.

Van Chungwin, the accounting professor at the University of Hong Kong, said that the analysis of the affected partners’ customer base indicates that PWC has lost the agents of the state -owned financing sector. “Without customers, many cannot keep their positions as partners anymore.”

Many PWC partners joined the competitors, including EY and RSM, after their customers changed the auditors, according to general information from competing companies.

PWC China About two -thirds of her accounting revenues lost Among the agents listed on the mainland in the first half of 2024, the Financial Times reported in July. She was fighting to keep her remaining customer base, which includes private companies and groups listed in Hong Kong, such as Alibaba and Tencent.

The fine, lawsuits against PWC, including One of Evergrande refineryWrite the costs on the company.

Last year, PWC emerged in Hemione Hudson, a large partner in the United Kingdom, to oversee its Chinese business.

Additional reports by Stephen Foley in New York