insurer investments News

Evergrande Liquidation Lawyers Probe PwC, Others to Recoup Creditor Losses: Sources

Lawyers appointed by the liquidators of China Evergrande Group 3333.HK are investigating some of the property developer’s service providers including its former auditor PricewaterhouseCoopers, to potentially recoup losses for creditors, three sources said. Evergrande, once China’s largest property developer, was …

China Weighs Record Fine for PwC Over Evergrande Audit Work

China is poised to impose a record fine on PricewaterhouseCoopers LLP and suspend some of the global auditor’s local operations over its role in one of the nation’s biggest alleged financial fraud cases, according to people familiar with the matter. …

PwC Lost Five China Clients After Evergrande-Linked Probe

PricewaterhouseCoopers LLP lost five Chinese clients in May alone, adding to a list of more than a dozen firms its stopped auditing in the country in the last two years. China Taiping Insurance Holdings Co. said on May 27 it …

China Scrutinizes PwC Role in $78 Billion Evergrande Fraud Case

Chinese authorities are examining the role of PricewaterhouseCoopers LLP in China Evergrande Group’s accounting practices after the developer was accused of a $78 billion fraud, ramping up pressure on the global accounting giant that audited a slew of developers before …

Loan Deadline Looms for China Life Canary Wharf Tower

China Life Insurance Co. is in crunch talks with lenders to an office tower in Canary Wharf to help stave off the locality’s third potential major default, as the eastern financial district of London grapples with some of the city’s …

China Evergrande’s Alleged $78 Billion Fraud Is Among World’s Worst

China Evergrande Group’s alleged $78 billion revenue overstatement escalates the legal peril of founder Hui Ka Yan, who now stands at the center of one of the biggest financial fraud cases in history. The nation’s top securities regulator said the …

Shadow Banks, Such as Insurers, Hedge Funds, Could Be Sitting on Elevated Risk: ECB

The European Central Bank may need to take on a bigger role in supervising shadow banks as they are now bigger than conventional lenders and may be sitting on elevated risk, the outgoing head of the ECB’s supervision arm told …

Allianz and Dutch Development Bank Back $1.1 Billion Sustainable Loans Fund

Allianz Global Investors and Dutch development bank FMO have agreed one of the largest “blended finance” funds on record, raising $1.1 billion to invest in loans that help emerging and frontier countries meet sustainable development targets. The fund is the …

Labour Meets With Banks, Insurers to Discuss Ways to Boost Infrastructure Investment

Britain’s opposition Labour Party met bank and insurance leaders on Monday to discuss ways to boost investment in infrastructure, as it continues a charm offensive with finance bosses ahead of an expected election next year that it is favored to …

Ping An Loses $3.1 Billion in Value on Country Garden Buy Report

A report that Chinese authorities asked Ping An Insurance Group Co. to rescue Country Garden Holdings Co. sent the insurer’s stock sliding, wiping out $3.1 billion from its valuation. Distressed developer Country Garden, on the other hand, jumped 12% to …