5 hours ago
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CHAN HO-HIM
Mon, May 18, 2026 astatine 6:25 AM CDT 1 min read
HONG KONG (AP) — Liquidators of the failed Chinese spot developer China Evergrande are seeking 57 cardinal yuan ($8.4 billion) from accounting steadfast PwC implicit its auditing work, a Hong Kong tribunal was told connected Monday.
The hefty magnitude was claimed against PwC International, PwC Hong Kong and PwC’s mainland Chinese entity, the tribunal heard. A tribunal determination has not yet been made connected the claims.
Its downfall triggered a liquidity crunch successful China's spot sector, which faced a slump successful income and prices and inactive has not afloat recovered.
After a Hong Kong justice ordered China Evergrande’s liquidation successful aboriginal 2024, its court-appointed liquidators launched ineligible proceedings against PwC implicit alleged “negligence” successful its enactment for Evergrande arsenic they attempted to retrieve what they could for creditors.
Last month, Hong Kong regulators said PwC was paying HK$1.3 cardinal ($166 million) successful fines and compensation implicit its relation successful auditing Evergrande’s fiscal statements earlier its collapse, arsenic they said determination were breaches of nonrecreational duties by PwC.
PwC said past period that they acknowledged the enactment connected the Evergrande audits “fell good beneath our precocious expectations and the expectations of our stakeholders.”
That came aft mainland Chinese authorities successful September 2024 separately fined PwC 441 cardinal yuan ($62 million) implicit its Evergrande audits, and said the Chinese developer had inflated its revenues by astir $80 cardinal successful its 2019 and 2020 fiscal results.
Evergrande laminitis Hui Ka Yan, erstwhile 1 of Asia’s richest people, successful April pleaded blameworthy to charges successful mainland China including fraud and bribery.
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