PwC Pays $166 Million to Settle HK Evergrande Audit Probe

PricewaterhouseCoopers LLP’s Hong Kong unit agreed to pay HK$1.3 billion ($166 million) in fines and compensation to settle investigations into its auditing work for the collapsed property giant China Evergrande Group.

Hong Kong’s Accounting and Financial Reporting Council also imposed a six-month suspension on the firm, barring it from accepting or performing audit work for new listed clients. The watchdog also levied a HK$300 million fine.