Evergrande liquidators challenge watchdog’s HK$1 billion settlement with auditor PwC
South China Morning Post
Hong Kong's securities regulator defends a HK$1 billion settlement with PwC amid legal challenges by Evergrande's liquidators over investor protection and procedural concerns.Summary
Hong Kong's Securities and Futures Commission (SFC) has defended a HK$1 billion settlement with PricewaterhouseCoopers (PwC) Hong Kong, amid an auditing scandal involving China Evergrande Group. Liquidators of the developer have challenged the agreement in court, arguing that the SFC abused its power by settling disciplinary actions pre-litigation and threatening PwC with legal action to force payment. The liquidators claim the settlement prioritizes minority shareholders unfairly, undermining creditors' interests. The SFC countered that it has statutory authority to enforce discipline and protect investors. The High Court has reserved its judgment on the matter.
(Source：South China Morning Post)