China’s vice-finance minister, Guo Tingting, has met with PwC’s global chair, Mohamed Kande, following a significant fine imposed on PwC Zhong Tian, the firm’s mainland unit. The unit was fined 441m yuan (US$62.2m) for its auditing failures related to the bankrupt China Evergrande Group. Guo expressed hopes that PwC would adhere to Chinese laws and regulations, saying: “I hope PwC would be a part of that development and continue to play an active role in China’s reform and opening up and high-quality development.” The firm has been suspended from operations for six months, and its Guangzhou branch registration has been revoked.
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