PwC’s Japanese firm facing £100m revenue hit

PwC's Japanese firm facing £100m revenue hit

A quarter of clients set to abandon firm

The Japanese partner firm of PricewaterhouseCoopers, ChuoAoyama, which signed
off the fraudulent accounts of cosmetics giant Kanebo, may lose two billion yen
(£100 million) as a result of the scandal.

This follows ChuoAoyama two-month business suspension order handed down by
Japan’s chief regulator, the Financial Services Agency.

Analysts expect as many as a quarter of its listed client base to defect to
rival auditors, the FT reported.

Already, the Pension Fund Association in Japan, whose members control about
£60bn between them, has demanded clarification from senior management over
whether the fund intends to stick with ChuoAoyama.

Shiseido and Asahi Glass have already abandoned the firm.

In an attempt to win back clients, Chuo Aoyama named Hideki Katayama, a
director as its new chief executive to replaces Akio Okuyama, who resigned
following the scandal at Kanebo.

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