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PwC has taken the unusual step of appointing a UK partner, Hemione Hudson, to lead its China business amidst the ongoing fallout from the Evergrande audit scandal.
The move reflects the deep concern within PwC about the crisis at its China firm, which anticipates a hefty fine and a six-month suspension from Beijing. PwC China is already experiencing staff cuts and client losses due to the Evergrande scandal.
Unlike typical multinationals, PwC operates as a network of independent partnerships, making the appointment of an outsider a rare occurrence, Financial Times reports.
Ms Hudson, currently PwC UK’s chief risk and regulatory officer, previously led the UK audit division during a time of intense regulatory scrutiny.
Is it not clear what position PwC China’s current leader Daniel Li, who was elected for a four-year term from on 1 July, will hold once Ms Hudson takes the reins.
