Business & Investment

Hong Kong Audit Regulatory Authority Investigating China’s Evergrande Group and PwC

Suffering from cash flow, Evergrande is struggling to sell some of its assets to repay the creditor who knocked on the door. With over $ 300 billion in debt, it has already missed three rounds of interest payments on international bonds.

Hong KongAudit Regulatory Authority said on Friday that it is investigating China Evergrande Group’s 2020 account and PwC audits.

Cash shortage Evergrande I’ve been scrambling to sell some assets to repay the creditor who knocked on the door. With over $ 300 billion in debt, it has already missed three rounds of interest payments on international bonds.

NS Financial Reporting Council He said he has begun investigating Evergrande accounts for the full year 2020 and early 2021 and auditing Evergrande’s 2020 accounts by PwC.

According to the FRC, as of the end of 2020, Evergrande reported cash and cash equivalents of 159 billion yuan ($ 24.73 billion), which did not cover current liabilities of 1.5 trillion yuan, and another 167 billion yuan in 2022. Borrowed.

However, Evergrande made a clear statement as to whether significant going concern uncertainties exist before or after the impact of implementing the plan, stating that the potential impact on cash flow needs to be mitigated. I didn’t announce it.

PwC expressed its unchanged audit opinion in its 2020 Annual Accounting Audit Report, but did not mention significant uncertainty as to whether Evergrande is a going concern.

Evergrande and PwC did not immediately respond to requests for comment.

Source: Reuters

(The story is published from the wire feed without changing the text. Only the headline has changed)

Read again: China’s central bank says Evergrande’s debt problem is manageable

Hong Kong Audit Regulatory Authority Investigating China’s Evergrande Group and PwC

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