Evergrande Liquidators Seek 570 Billion Yuan from PwC Over Alleged Audit Failures

Deep News05-18

Liquidators for China Evergrande Group are pursuing compensation of 570 billion yuan in a lawsuit against PricewaterhouseCoopers International (PwC) and its affiliated entities in mainland China and Hong Kong, according to a report.

Legal counsel for the parties indicated that, of the total sum, the liquidators are seeking 380 billion yuan from PwC's international headquarters entity and two local affiliates. An additional 190 billion yuan is being sought from entities in Hong Kong and mainland China.

The core of the case centers on PwC's audit work for Evergrande. The liquidators initiated the lawsuit in 2024, alleging "negligence" and "misrepresentation" during the audit process.

The legal action was initially filed against PwC-affiliated entities in mainland China and Hong Kong, after which the liquidators also named PwC International as a defendant. PwC International is attempting to be removed from the case and is seeking to have the claims against it dismissed. Even if this attempt is successful, the liquidators could proceed with the lawsuit against the local entities.

The liquidators for Evergrande are Tiffany Wong and Edward Middleton from the US corporate restructuring advisory firm Alvarez & Marsal. They filed the claim with the Hong Kong court in March 2024 against PwC Hong Kong, PwC China, and the international limited liability partnership PwC International Limited. According to the court filing, the case pertains to audit reports issued by PwC for Evergrande's financial statements for the year 2017 and the first half of 2018.

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An additional 190 billion yuan is being sought from entities in Hong Kong and mainland China.</p>\n<p>The core of the case centers on PwC's audit work for Evergrande. The liquidators initiated the lawsuit in 2024, alleging \"negligence\" and \"misrepresentation\" during the audit process.</p>\n<p>The legal action was initially filed against PwC-affiliated entities in mainland China and Hong Kong, after which the liquidators also named PwC International as a defendant. PwC International is attempting to be removed from the case and is seeking to have the claims against it dismissed. Even if this attempt is successful, the liquidators could proceed with the lawsuit against the local entities.</p>\n<p>The liquidators for Evergrande are Tiffany Wong and Edward Middleton from the US corporate restructuring advisory firm Alvarez & Marsal. They filed the claim with the Hong Kong court in March 2024 against PwC Hong Kong, PwC China, and the international limited liability partnership PwC International Limited. According to the court filing, the case pertains to audit reports issued by PwC for Evergrande's financial statements for the year 2017 and the first half of 2018.</p>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK1598","symbol_name":"恒大概念","start_time":0,"source_url":"","article_id":"1155194275","we_media_id":"1039043262","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1155194275","pubTimestamp":1779091835,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Deep News","introduction":"Global Stock Market Deep Analysis","home_visible":1,"id":"1039043262","head_image":"https://community-static.tradeup.com/news/8296859682db4b478146245e72de1922"},"summary":"Liquidators for China Evergrande Group are pursuing compensation of 570 billion yuan in a lawsuit against PricewaterhouseCoopers International (PwC) and its affiliated entities in mainland China and...","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK1598":"恒大概念","BK1507":"粤港澳大湾区","BK1555":"内房股","03333":"中国恒大","BK1240":"房地产开发"},"translate_title":"恒大清算人因涉嫌审计失败向普华永道索赔5700亿元","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"03333":1},"content_text":"Liquidators for China Evergrande Group are pursuing compensation of 570 billion yuan in a lawsuit against PricewaterhouseCoopers International (PwC) and its affiliated entities in mainland China and Hong Kong, according to a report.\nLegal counsel for the parties indicated that, of the total sum, the liquidators are seeking 380 billion yuan from PwC's international headquarters entity and two local affiliates. 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