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Hong Kong High Court to Hear Evergrande Liquidators Lawsuit Against PwC on Monday
The liquidators of China Evergrande Group will present their case against PricewaterhouseCoopers International in Hong Kong High Court on Monday. The one-day hearing before Deputy Judge Patrick Fung Pak-tung is open to the public and concerns claims over auditing issues.
South China Morning PostAudio version
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The liquidators of China Evergrande Group will have their lawsuit against PricewaterhouseCoopers International heard in Hong Kong High Court on Monday. Court records posted on the judiciary website show the one-day hearing is scheduled before Deputy Judge Patrick Fung Pak-tung and will be open to the public.
The case involves efforts by Evergrande's liquidators to seek claims from PwC International over the developer's auditing issues.
Last month, Hong Kong's Securities and Futures Commission reached an agreement with PwC Hong Kong to pay HK$1 billion in compensation to minority shareholders of the developer. The commission cited serious breaches of auditors' professional duties. Separately, the Accounting and Financial Reporting Council fined PwC HK$300 million and imposed a six-month practice restriction.
Two former partners were each fined HK$5 million over the Evergrande audits. The AFRC found numerous serious audit deficiencies in PwC's work on Evergrande's 2019 and 2020 accounts. The regulator also barred PwC from accepting new listed-company audit clients for six months.
Evergrande was once the world's largest developer by sales before collapsing under liabilities exceeding US$300 billion.
Transparency
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