China fines Deloitte, suspends Beijing operations for 3 months for auditing negligence

China's finance ministry fined auditing firm Deloitte and suspended its Beijing operation for three months for failing to perform its duty in assessing the asset quality of China Huarong Asset Management Co Ltd, according to a statement released on the finance ministry website on Friday.

Deloitte is fined 211.9 million yuan ($30.8 million), the Ministry of Finance said in the statement.

China Huarong and its investment arms are fined for internal governance lapses, risk control failures, the statement added. ($1 = 6.8733 Chinese yuan renminbi)