An interesting salvo in the ongoing hunt into alleged China stock frauds...
The SEC has initiated proceedings against the Big 4 accounting firms' China branches for refusing to turn over documents related to the agency's investigations of firms there, according to a release.
"SEC investigators have been making efforts for the past several months to obtain documents from these firms," the agency said in a statement. "The audit materials are being sought as part of SEC investigations into potential wrongdoing by nine China-based companies whose securities are publicly traded in the U.S. The audit firms have refused to cooperate in the investigations."?
An administrative law judge will schedule a hearing and determine the appropriate remedial sanction against the firms, the agency said.
Here are the firms named in the complaint:
- BDO China Dahua Co. Ltd
- Deloitte Touche Tohmatsu Certified Public Accountants Ltd
- Ernst & Young Hua Ming LLP
- KPMG Huazhen (Special General Partnership)
- PricewaterhouseCoopers Zhong Tian CPAs Limited
Source: http://www.businessinsider.com/sec-china-accounting-firms-complaint-2012-12
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