World
China hands PwC a 6-month ban and fine over audit of the collapsed developer Evergrande
HONG KONG (AP) — Chinese authorities have banned the accounting firm PwC for six months and fined it over 400 million yuan ($56.4 million) over its involvement in the audit of collapsed property developer Evergrande.
The punishment is the heaviest yet for international accounting firms operating in China. PwC will be banned from signing off on any financial results in the country for six months. Already, it has been losing clients.
China’s Ministry of Finance said in a statement Friday that it was imposing 116 million yuan ($16.35 million) in fines and confiscation of illegal gains on PwC Zhong Tian, also known as PwC China, as well as a six-month business suspension, revocation of PwC’s Guangzhou branch and an administrative warning.
A separate regulator, the China Securities Regulatory Commission, also imposed fines and confiscations totaling 325 million yuan ($45.8 million) on PwC for allegedly failing to perform due diligence in the audit of Evergrande.
China’s finance ministry said PwC issued “false audit reports” of Evergrande and that the audit procedures had “serious defects” in design and implementation, leading to many false conclusions. It also accused PwC of not maintaining “professional skepticism” and failing to point out errors and a lack of information disclosure by Evergrande during the audits.
The securities regulator said 88% of the records kept by PwC regarding the real estate projects were inconsistent with the actual implementation and were “seriously unreliable.” When on-site investigations were carried out, some projects were still “a piece of vacant land” despite being considered to have met the delivery conditions, the regulator said.
“The work performed by PwC Zhong Tian’s Hengda audit team fell well below our high expectations and was completely unacceptable,” Mohamed Kande, global chair of PwC, said in a statement on its website. Hengda is the principal subsidiary of China Evergrande Group.
“It is not representative of what we stand for as a network and there is no room for this at PwC,” he said.
The statement said PwC Zhong Tian has cooperated fully with regulators, respects their decisions and will fully comply with the administrative penalties.
PwC China has fired six partners and five staff directly involved in the Hengda audit, it said. The firm is also in the process of issuing financial penalties for current and former firm leaders who were responsible for the business, the statement said.
PwC came under Beijing’s scrutiny after the January collapse of Evergrande, the world’s most indebted developer and a symbol of China’s ongoing property crisis.
China’s securities regulator said in March that Evergrande had inflated its mainland China revenues by almost $80 billion in 2019 and 2020. In May, authorities fined the company $577 million.
PwC had audited Evergrande’s accounts for 14 years until 2023 and gave it a clean bill of health.
PwC has been the largest of the “big four” accounting firms operating in China, taking in nearly 8 billion yuan ($1.1 billion) in revenues in 2022, above competitors Deloitte, KPMG and EY, according to the Chinese Institute of Certified Public Accountants.
China has been cracking down on excessive borrowing by developers during a prolonged property market slump that has hit many other parts of the economy, including construction, building materials and home appliances.
___
Mistreanu reported from Taipei, Taiwan.
World
The race against time to destroy Iran’s illicit nuclear weapons program heats up amid fresh strikes
NEWYou can now listen to Fox News articles!
The Iranian regime’s retention of key nuclear weapons facilities and its material for building atomic bombs — highly enriched uranium — has led to new efforts by the U.S. and Israeli militaries to take out the last vestiges of the regime’s program.
On Friday, the Israel Defense Forces (IDF) said in a statement that, that it’s “Air Force Struck the Arak Heavy Water Plant—A Key Plutonium Production Site for Nuclear Weapons.” The Arak plant is located in central Iran.
Prior to Friday’s attack, an IDF spokesperson told Fox News Digital concerning Arak, that there is a “high estimation” that attacks on “uranium enrichment sites are part of the plan.” The IDF declined to answer more specific questions about its target list and if any ground operations to retrieve the nuclear weapons-grade uranium were being considered.
NEXT MOVE ON IRAN: SEIZE KHARG ISLAND, SECURE URANIUM OR RISK GROUND WAR ESCALATION
An IDF infographic shows Iran’s Arak heavy water plant, described as a key infrastructure for plutonium production. (IDF)
Reuters, quoting regime media outlet Fars, reported that joint U.S.-Israeli strikes on Friday hit the Khondab heavy water research reactor.
A statement released by the IDF said, “Heavy water is a unique material used to operate nuclear reactors, such as the inactive Arak reactor, which was originally designed to have weapons-grade plutonium production capabilities. These materials can also be used as a neutron source for nuclear weapons.”
The IDF statement added that “The plant was a significant economic asset for the terror regime and served as a source of income for the Iranian Atomic Energy Organization, generating tens of millions of dollars for the regime each year.”
The regime’s foreign minister posted a condemnation of Israel and warned the Jewish state, “Iran will exact HEAVY price for Israeli crimes.”
According to an article published by the Washington, D.C.-based Institute for Science and International Security (ISIS), “The IR-40 Arak, aka Khondab, Heavy Water Reactor and Heavy Water Production Plant date to the early 2000s… The reactor core design was ideal for making substantial amounts of weapon-grade plutonium for nuclear weapons.”
STRIKES MAY SET IRAN BACK — BUT LIKELY WON’T END NUCLEAR PROGRAM, UN WATCHDOG CHIEF SAYS
Jason Brodsky, the policy director of United Against Nuclear Iran (UANI), told Fox News Digital, “The one nuclear site which hasn’t been hit to date has been Pickaxe Mountain, so striking that site as part of Operation Epic Fury will be important to further degrade the Iranian nuclear program.”
A White House spokesperson referred Fox News Digital to President Trump’s cabinet meeting comments about Iran’s nuclear weapons program. Trump said on Thursday, “We’re free to roam over their cities and towns and destroy all of their crazy nuclear weapons and missiles and drones that they’re building.”
A map shows damage to Iran’s Fordow nuclear site after being struck by the United States in Operation Midnight Hammer on June 22, 2025. (Fox News)
David Albright, a physicist, founder and president of the Institute for Science and International Security told Fox News Digital that with respect to key nuclear weapons facilities that remain, “The elephants in the tent are Natanz and Isfahan. There was an attack on Natanz that the Iranians revealed, but the Israelis said we are not aware of an attack. So it must have been the U.S.,” he claimed.
TRUMP SAYS US, ISRAEL SHATTERED IRANIAN MILITARY CAPABILITIES, PRESSES LEADERS TO SURRENDER: ‘CRY UNCLE’
He said that Natanz has enriched uranium. “The Iranians were doing recovery operations in the underground fuel enrichment plant there and continuing to build this pickaxe mountain tunnel complex, which could hold enriched uranium. Right next to it is another tunnel complex that was built much earlier, around 2007… And the Iranians sealed it up, fortified it. There is something obviously important there.”
Albright said U.S. and Israeli airstrikes “have not attacked the underground Isfahan site. We know, according to the IAEA [International Atomic Energy Agency], highly enriched uranium is in that site.” He continued that, “There may be an enrichment plant under construction in that underground complex. We would like that site to be attacked.”
Iranian worshippers hold up their hands as signs of unity with Iran’s Supreme Leader, Ayatollah Ali Khamenei, during an anti-Israeli rally to condemn Israel’s attacks on Iran, in downtown Tehran, Iran, on June 20, 2025. (Morteza Nikoubazl/NurPhoto via Getty Images)
Albright warned that the war should not end like the previous U.S.-Israel war with Iran in 2025 with Tehran retaining the “crown jewels” of its atomic weapons program: highly enriched uranium and a number of centrifuges.
CLICK HERE TO DOWNLOAD THE FOX NEWS APP
He warned, “You don’t want it to come out of this war with the same kind of nuclear weapons capabilities that it had at the end of June war with a higher incentive to build a bomb.” He added, that is why it’s so important “to finish the job,” in Iran.
World
US diplomat Marco Rubio denounces settler violence, tolls in Hormuz strait
United States Secretary of State Marco Rubio has offered wide-ranging remarks upon his departure from the latest Group of Seven (G7) ministers’ meeting in France, denouncing Iran’s continued chokehold on the Strait of Hormuz as well as settler violence in the occupied West Bank.
Standing on an airport tarmac on Friday, Rubio fielded questions from journalists about reports that Iran plans to implement a tolling system in the strait, a vital waterway for the world’s oil supply.
list of 3 itemsend of listRecommended Stories
Rubio used the topic to double down on pressure for countries to participate in securing the Strait of Hormuz, a demand US President Donald Trump has repeatedly made.
“One of the immediate challenges we’re going to face is in Iran, when they decide that they want to set up a tolling system in the Strait of Hormuz,” Rubio said.
“Not only is this illegal, it’s unacceptable. It’s dangerous for the world, and it’s important that the world have a plan to confront it. The United States is prepared to be a part of that plan. We don’t have to lead that plan, but we are happy to be a part of it.”
He called on the G7 members — among them, Japan, Canada, France, the United Kingdom, Italy, Germany and the European Union — as well as countries in Asia to “contribute greatly to that effort”.
Rubio calls toll plan ‘unacceptable’
The Strait of Hormuz is a key artery for the global transport of oil and natural gas, and prior to the start of the US and Israel’s war against Iran on February 28, an average of 20 million barrels of oil per day passed through the waterway.
That amounted to roughly 20 percent of the world’s liquid petroleum supply.
But since the outbreak of war, Iran has pledged to close the Strait of Hormuz, which borders its shores. The threat of attacks has ground most of the local tanker traffic to a standstill, though a few vessels, some linked to Iran or China, have been allowed to pass through.
Media reports suggest that Iran is setting up a “tollbooth system” that would require passing ships to put in a request through Iran’s armed forces, the Islamic Revolutionary Guard Corps (IRGC). There would also be a fee to secure passage.
“ They want to make it permanent. That’s unacceptable. The whole world should be outraged by it,” Rubio said on Friday.
He added that he conveyed a warning about the polling scheme to his colleagues at the G7.
“All we’ve said is, ‘You guys need to do something about it. We’ll help you, but you guys are going to need to be ready to do something about it,’” Rubio said.
“Because when this conflict and when this operation ends, if the Iranians decide, ‘Well, now we control the Strait of Hormuz and you can only go through here if you pay us and if we allow you to, that’s not only is it illegal under international law and maritime law. It’s unacceptable, and that can’t be allowed to exist.”
The Trump administration, however, has struggled to rally allies and world powers to join the US in its offensive against Iran.
Legal experts have criticised the initial strikes against Iran as an unprovoked act of aggression, though the Trump administration has cited a range of rationales for launching the attack, including the prospect that Iran may develop a nuclear weapon.
Many of the US allies in Europe have maintained that they would limit their involvement to defensive actions. Trump, meanwhile, has accused members of the NATO alliance of being “cowards”, adding in a social media post, “We will REMEMBER.”
In a statement following the G7 meeting, member countries reiterated their stance that there should be an “immediate cessation of attacks against civilians and civilian infrastructure”.
They also underscored the “absolute necessity to permanently restore safe and toll-free freedom of navigation in the Strait of Hormuz”. But the statement fell short of pledging any resources or aid to the US and Israeli war effort.
Achieving goals ‘without any ground troops’?
It is unclear when the war might end. On Saturday, it reaches its one-month anniversary, having stretched for four weeks.
Rubio on Friday echoed Trump’s assessment that the war was going as planned and that the US was achieving its objectives, including to destroy Iran’s navy, missile stockpiles and uranium enrichment programme.
“ We are ahead of schedule on most of them, and we can achieve them without any ground troops, without any,” he said, addressing an oft-raised concern about the prospect of US troops being deployed to Iran.
Rubio also briefly addressed the increasing levels of Israeli settler violence against Palestinians in the occupied West Bank.
Footage has shown settlers this month torching Palestinian homes and vehicles, as well as assaulting residents.
On March 19, the United Nations estimated that more than 1,000 Palestinians have been killed in the West Bank since Israel began its genocidal war in Gaza in October 2023. The international body underscored that a quarter of the victims were youths.
“ Well, we’re concerned about that, and we’ve expressed it. And I think there’s concern in the Israeli government about it, as well,” Rubio responded, adding that it was a “topic we follow very closely”.
He suggested that the Israeli government may take action to stop the violence, though critics argue that Israel has largely turned a blind eye to settler violence.
“Maybe they’re settlers, maybe they’re just street thugs, but they’ve attacked security forces, Israelis, as well. So, I think you’ll see the government going to do something about it,” Rubio said.
Upon taking office for a second term in January 2025, President Trump also moved to cancel sanctions against Israeli settlers accused of grave abuses in the West Bank.
World
Phillies third baseman Alec Bohm sues his parents, accuses them of misusing his money
PHILADELPHIA (AP) — Philadelphia Phillies third baseman Alec Bohm has sued his parents for millions of dollars, accusing them of siphoning large amounts of his money into financial accounts they managed for him and then using some of the cash to pay their own expenses.
Bohm’s lawsuit, filed Wednesday in a Philadelphia court, comes after he began to review his personal and financial affairs in recent months, and said that his parents refused to give him access to the accounts or provide him with the information he sought about them.
They sought to “freeze” him out of four accounts — established as limited liability companies — and he now believes they “converted a sizeable amount” of his money from those accounts “to their own use,” the lawsuit said.
By the time he sought the information, his parents had already transferred millions of dollars from his personal accounts to the accounts they controlled, the lawsuit said.
Bohm’s parents, Daniel and Lisa Bohm, denied doing anything wrong and, through their lawyer, said they are “deeply saddened by the allegations” and will aggressively defend themselves. Alec Bohm has had full access to the accounts and his parents are paying his expenses on their personal credit cards, their lawyer, Robert Eckard, said in a statement.
“Mr. and Mrs. Bohm love their son very much and have always acted in his best interests, both personally and professionally, and still do so to this day,” Eckard said.
After Thursday’s 2026 season opening game, Bohm declined comment to reporters, saying “I’m not going to address any personal matters right now.”
Both parties say the first of the accounts was opened in 2019. His parents told him that they assigned themselves a 10% stake, strictly for administration purposes, and that Bohm was the “true” owner of all of the LLC’s assets, Bohm’s lawsuit said.
The accounts had various purposes, such as investing in securities or buying real estate. Bohm’s lawsuit also said they used money from The Alec Bohm Foundation to pay their expenses.
Bohm’s lawsuit asks his parents to pay at least $3 million in damages, hand over control of the accounts and hire an accountant to track every dollar they transferred from Bohm’s personal accounts to the accounts they controlled.
Bohm, 29, has a $10.2 million contract with the Phillies for the 2026 baseball season. The lawsuit said his parents live in a recreational vehicle and travel the country.
-
Detroit, MI1 week agoDrummer Brian Pastoria, longtime Detroit music advocate, dies at 68
-
Movie Reviews1 week ago‘Youth’ Twitter review: Ken Karunaas impresses audiences; Suraj Venjaramoodu adds charm; music wins praise | – The Times of India
-
Sports6 days agoIOC addresses execution of 19-year-old Iranian wrestler Saleh Mohammadi
-
New Mexico5 days agoClovis shooting leaves one dead, four injured
-
Business1 week agoDisney’s new CEO says his focus is on storytelling and creativity
-
Technology5 days agoYouTube job scam text: How to spot it fast
-
Tennessee4 days agoTennessee Police Investigating Alleged Assault Involving ‘Reacher’ Star Alan Ritchson
-
Texas1 week agoHow to buy Houston vs. Texas A&M 2026 March Madness tickets