The SEC on December 3 initiated administrative proceedings against the companies, claiming they violated the Securities and Exchange Act and the Sarbanes-Oxley Act for failing to produce audit paperwork related to an SEC investigation of alleged accounting fraud against U.S. investors.
For the past several months, the SEC has been trying to obtain the audit paperwork from the accounting firms — BDO China Dahua Co. Ltd, Deloitte Touche Tohmatsu Certified Public Accountants Ltd, Ernst & Young Hua Ming LLP, KPMG Huazhen (Special General Partnership) and PricewaterhouseCoopers Zhong Tian CPAs Limited — but the firms have refused because they say doing so would violate Chinese law.
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