PwC partners in Hong Kong are set to miss out on payouts collectively worth hundreds of thousands of dollars after a record fine for failures in its audit of collapsed property developer Evergrande.
Proceeds from the 2022 sale of a business unit, which were due to be distributed to people who were members of the partnership at the time, will instead be kept for the “operations and investments” of the firm, PwC told retired partners in an email seen by the FT.
The U-turn, which will affect some current and former partners, comes just weeks after PwC agreed to pay HK$1.3bn ($166mn) in penalties and compensation for failing to spot the fraud that led to Evergrande’s collapse.
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