KPMG will pay about HK$650m (US$84m) to settle legal claims after failing to identify fraud at a Chinese timber company whose calamitous initial public offering led to a backlash against poor listing standards in Hong Kong.
The liquidators of China Forestry claimed KPMG was negligent when it failed to detect serious false accounting by some of the company’s top management ahead of its listing in 2009.
KPMG settled the lawsuit late last month on the eve of a 10-week trial in Hong Kong, according to two people familiar with the matter.
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