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KPMG Partners Face Court Contempt in Hong Kong Over China Audit

KPMG Partners Face Court Contempt in Hong Kong Over China Audit

Present and former KPMG partners are facing contempt proceedings in Hong Kong court as they had refused to give audit papers, correspondence and records ordered by the High Court in Hong Kong on their role as in the failed IPO of China Medical Technologies.  KPMG is refusing to do so to comply with the regulations of the Chinese authority.  It’s mainland-based affiliate, KPMG Huazhen has to comply with local regulations.

“KPMG partners face court contempt in Hong Kong over China audit”

The founders of China Medical Technologies are currently being prosecuted in United States for allegedly defrauding investors out of more than $400 million.

Source: Reuters, South China Morning Post




About KPMG

KPMG is a global network of independent member firms offering audit, tax and advisory services. The firms work closely with clients, helping them to mitigate risks and grasp opportunities.  Member firms’ clients include business corporations, governments and public sector agencies and not-for-profit organizations. They look to KPMG for a consistent standard of service based on high order professional capabilities, industry insight and local knowledge.

KPMG member firms can be found in 154 countries and territories. Collectively they employ 197,263 people across a range of disciplines.

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