The office also was ordered to suspend operations for three months for mishandling audit and other work at
Deloitte was fined
Huarong is one of four entities created in the 1990s to buy nonperforming loans from state-owned banks. They expanded into banking, insurance, real estate finance and other fields.
Huarong’s former head,
Regulators concluded Deloitte failed to pay close enough attention to management activities, Huarong's assets and compliance matters, the Ministry of Finance said.
In a statement issued to Chinese media, Deloitte said it accepted the punishment and expressed regret regulators found aspects of its audit failed to meet standards.
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