Global auditing firm Deloitte has been fined for failing to perform its duty in assessing the quality of assets of China Huarong Asset Management Co Ltd, according to results from an investigation that started in 2021, China's Ministry of Finance said in a statement on Friday afternoon.

The ministry said in the statement that Deloitte & Touche LLP's Beijing office has been suspended for operation for three months, and has been fined 211.9 million yuan ($30.8 million). All the office's revenue from it's illegal practices will be subject to confiscation.

China Huarong and seven of its investment branches will be fined a total of 800,000 yuan for their internal governance flaws and risk control failures between 2014 and 2019, the statement added.

The ministry said in its investigation process, a special inspection group was formulated and sent out for on-site inspections of Huarong and Deloitte respectively. The fining decision was made based on interviewing people involved, reviewing relevant materials, extensive investigations and evidence collected and soliciting inspection opinions from both Huarong and Deloitte.