LONDON-BASED accounting giant PwC has delayed payouts to recently retired partners in Hong Kong and mainland China as it navigates the financial fallout from its role auditing the failed Chinese property developer Evergrande, reports London's Financial Times.
Several equity partners who retired in recent months have yet to be repaid any of the capital they contributed when they joined the partnership, said four people with knowledge of the matter.
The Big Four firm has in the past repaid partners about half of the sum within months of retiring, with the rest following later, the people said. The recent changes mark a delay to the normal schedule for repayment and would help the firm conserve cash.
There is no suggestion that by taking longer to repay the money, PwC has breached its obligations to the former partners under the shareholder agreement governing the firm.
SeaNews Turkey
Several equity partners who retired in recent months have yet to be repaid any of the capital they contributed when they joined the partnership, said four people with knowledge of the matter.
The Big Four firm has in the past repaid partners about half of the sum within months of retiring, with the rest following later, the people said. The recent changes mark a delay to the normal schedule for repayment and would help the firm conserve cash.
There is no suggestion that by taking longer to repay the money, PwC has breached its obligations to the former partners under the shareholder agreement governing the firm.
SeaNews Turkey
