PwC International Can't Exit Evergrande Case, HK Court Rules
The liquidators seek up to 57.9 billion yuan in damages, and the judge said PwC International must face the claims at trial.
- On Wednesday, the Hong Kong High Court dismissed an application by PwC International to be excluded from the lawsuit, ruling the firm must jointly face claims alongside PwC Hong Kong and PwC China.
- Liquidators Tiffany Wong and Edward Middleton of Alvarez & Marsal filed the negligence case in early 2025, seeking approximately 57.9 billion yuan in damages regarding auditing work.
- Deputy High Court Judge Patrick Fung ruled that PwC International "did owe a duty of care" to China Evergrande Group, noting the firm had the power to govern member firms.
- A PwC International spokesperson said the firm disagrees with the decision, maintaining it "has never provided any services to Evergrande," while the case tests the big four accounting firms' partnership network model.
- Evergrande faced court-ordered liquidation in 2024 following default on $300 billion in liabilities, and last week, a Chinese court sentenced founder Hui Ka Yan to life in prison.
13 Articles
13 Articles
Hong Kong Court Keeps PwC International in Evergrande Liquidators’ $8.6 Billion Lawsuit
Hong Kong Court Keeps PwC International in Evergrande Liquidators’ $8.6 Billion Lawsuit - Judge rejects bid by PwC’s global network entity to be removed from the case, allowing Evergrande liquidators’ claims against three PwC units to proceed
PwC International Can’t Exit Evergrande Case, HK Court Rules
A Hong Kong court declined to remove PricewaterhouseCoopers International Ltd. from a multibillion-dollar lawsuit brought by China Evergrande liquidators against the firm and its Hong Kong and mainland Chinese affiliates.
Hong Kong court says Evergrande liquidators can pursue claim from PwC ...
Hong Kong Court Keeps PwC International in $8.5 Billion Evergrande Liquidators’ Lawsuit
A Hong Kong court has rejected PwC International’s bid to be removed from a $8.5 billion lawsuit brought by the liquidators of China Evergrande Group, allowing claims over the auditing of the failed property developer to proceed against the global PwC coordinating entity. The liquidators are seeking 57 billion yuan ($8.48 billion) in damages from […] The post Hong Kong Court Keeps PwC International in $8.5 Billion Evergrande Liquidators’ Lawsuit…
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