PwC under Investigation by UK Authority for Audit of Collapsed UK Shopping Mall Giant Intu Properties with $5.4 Billion of Debts

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PwC under Investigation by UK Authority for Audit of Collapsed UK Shopping Mall Giant Intu Properties with $5.4 Billion of Debts

18th February 2023 | Hong Kong

PwC is being investigated by UK authority (Financial Reporting Council, FRC) for its audit of collapsed UK shopping mall giant Intu Properties (2020) with $5.4 billion (£4.5 billion) of debts.   Intu Properties owns 17 shopping centres in UK including Lakside (Essex) and Trafford Cenre (Manchester).  Creditors include Bank of America, Barclays, Credit Suisse, HSBC, Lloyds Banking Group, NatWest and UBS.  See below for statement from UK Financial Reporting Council.  UK ~ United Kingdom

“ PwC under Investigation by UK Authority for Audit of Collapsed UK Shopping Mall Giant Intu Properties in 2020 with $5.4 Billion of Debts “

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UK Financial Reporting Council – Investigation regarding the audit of Intu Properties plc by PwC LLP

16th Feb 2023 – This Press Notice concerns the opening of an investigation into the relevant Statutory Auditor(s). The investigation does not relate to any persons other than the relevant Statutory Auditor(s) and it would not be fair to treat any part of this announcement as constituting or evidencing an investigation into any other persons or entities.

The Financial Reporting Council (“FRC”) has commenced an investigation in relation to the audits conducted by PricewaterhouseCoopers LLP of the consolidated financial statements of Intu Properties plc for the years ended 31 December 2017 and 31 December 2018.  The decision was made at a meeting of the FRC’s Conduct Committee on 24 January 2023.  The investigation will be conducted by the FRC’s Enforcement Division under the Audit Enforcement Procedure.

Financial Reporting Council, FRC

We regulate auditors, accountants and actuaries, and we set the UK’s Corporate Governance and Stewardship Codes. We promote transparency and integrity in business. Our work is aimed at investors and others who rely on company reports, audit and high-quality risk management.

PwC

With offices in 152 countries and almost 328,000 people, we are among the leading professional services networks in the world. We help organisations and individuals create the value they are looking for, by delivering quality in Assurance, Tax and Advisory services.

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