ChuoAoyama signed off the fraudulent accounts of cosmetics giant Kanebo
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
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.