Audit firm PricewaterhouseCoopers said it is pouring in "tangible investments" to ensure it can sustain "high-quality" China operations following a record penalty imposed by Chinese authorities, Reuters reported Monday.
The Big Four accounting firm is also setting up a "detailed remediation plan" as it navigates the ban, the report said, citing a memo by newly-appointed China chief Hemione Hudson.
China slapped PwC with a 441 million yuan fine and a six-month suspension following its audit of China Evergrande (HKG:3333), the report said.
(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.)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.