China asks large state financial institutions to drop auditor PwC, say sources

Chinese regulators have in recent months asked several large state-owned clients of PricewaterhouseCoopers (PwC) to drop the auditor as it braces for penalties over its work for troubled property developer Evergrande, said two sources.

The regulators, mainly the Ministry of Finance (MOF), have given so-called “window guidance”, or unofficial, verbal instructions to big state-owned financial institutions since at least April, said the sources who declined to be identified as the information was confidential.

Source: REUTER