There are Five of the world’s biggest firms who were audited in China but listed in America, but now, The Exchange Commission and the America’s Securities started proceeding against the Chinese Affiliates for refusing to hand over the papers related to this case. The case illustrates the difficulties the five auditing firms (BDO, Deloitte, Ernst & Young, KPMG and PWC) face in China, where divulging corporate information can break the law. Below are few of the companies associated with this case.
- HSBC sold its 15.6% of the company to a big Chinese insurer, for $9.4 billion. According to Forbes, the buyer Thailand’s richest man, Dhanin Chearavanont.
- Netflix secured the exclusive rights in America to show films made by Disney. The licensing arrangement is Netflix’s biggest challenge yet to pay-TV broadcasters such as HBO.
- Tesco, is Britain’s biggest retailer, they have confirmed that it would probably sell its loss-making Fresh & Easy grocery chain in America next year.