HONG KONG – Alibaba Pictures Group, the film production and investment arm of Alibaba, the e-commerce giant that listed last week on the New York Stock Exchange, has appointed independent auditors to probe the company’s accounts.
PwC has been hired to look into “possibly non-compliant treatment of financial information” and “possible insufficient provision for impairments” at Alibaba Pictures in the 18 month period Dec 2012-June 2014. That time was before Alibaba bought control of the stock market-listed company, previously known as Chinavision.
Alibaba revealed in August that it had found cause for concern. It will report PWC’s findings and recommendations in early November.