KPMG sued for nearly $170 million

U.S.-based accounting firm KPMG LLP has been sued for $166 million for alleged negligence during the listing of China Forestry Holdings Co. in Hong Kong, Free Malaysia Today reported. During the pre-initial public offering audit, KPMG failed to detect that the then-executives of China Forestry falsified the company's plantation assets and revenue, according to the lawsuit filed by the liquidators of China Forestry.

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