Deloitte Fined $30.7 Million & Suspended in China for 3 Months for Severe Inaccurate Audit of China Huarong Asset Management 

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Deloitte Fined $30.7 Million & Suspended in China for 3 Months for Severe Inaccurate Audit of China Huarong Asset Management 

18th March 2023 | Singapore

Deloitte (One of Big 4 audit firm) had been fined $30.7 million (CNY 211.9 million) and suspended in China for 3 months for severe inaccurate audit of China Huarong Asset Management.   Huarong Asset Management is 1 of 4 China largest state-owned distressed debt manager, and Deloitte had been found negligent in its audit of information (2014 to 2019) including not providing audit opinions of abnormal transactions.  China Finance Ministry had also penalised 14 people in Deloitte (2 accountant certificates revoked).   In 2021, China Huarong Asset Management, China’s largest distressed debt manager which reported a record $15.9 billion loss in 2020 and with shares suspended since April 2021, received a bailout from China state-owned investors including Citic Group, China Insurance Investment and China Life Asset Management.  

“ Deloitte Fined $30.7 Million & Suspended in China for 3 Months for Severe Inaccurate Audit of China Huarong Asset Management “

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China Distressed Asset Manager China Huarong with $15.9 Billion Losses to Receive State Bailout, Citic Group Becomes Key Shareholder

19th August 2021 – China Huarong Asset Management, China’s largest distressed debt manager which reported a record $15.9 billion loss in 2020 and with shares suspended since April 2021, will receive bailout from China state-owned investors including Citic Group, China Insurance Investment and China Life Asset Management.  China Huarong Asset Management which focuses on managing bad-debts is one of China systemically important state-owned companies.  Details on the bailout have yet to be finalised, though Citic Group is likely to gain control of China Huarong Asset Management.  In January 2021, former Chairman of China Huarong Asset Management Lai Xiaomin was sentenced to death for corruption and receiving $277 million in bribes.

China Huarong Asset Management Bailout

In the late 1990s after the Asian financial crisis, China Huarong Asset Management was created to buy bad loans from banks.  Gradually, China Huarong expanded into other financial businesses and borrowed billions from the bond market.  In 2015, China Huarong IPO in Hong Kong, raising $2.3 billion in capital.  

In April 2021, China Huarong was suspended on Hong Kong Exchange (HKEX).  On 18th August 2021, China Huarong Asset Management reported $15.9 billion of losses and to receive bailout from China state-owned investors including Citic Group, China Insurance Investment and China Life Asset Management.  China Huarong Asset Management has around $242 billion of liabilities and $21 billion of offshore bonds.  Details on the bailout have yet to be finalised, though Citic Group is likely to gain control of China Huarong Asset Management. 

In January 2021, former Chairman of China Huarong Asset Management Lai Xiaomin was sentenced to death for corruption and receiving $277 million in bribes.

Citic Group was setup in 1979 and is one of the most important financial institution in China, and in 2020, former China central bank (People’s Bank of China) Deputy Governor Zhu Hexin was appointed as Chairman of Citic Group.

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