The liquidators of China Evergrande have won the right to take an $8.5bn negligence claim against PwC beyond the Big Four firm’s Hong Kong and mainland Chinese arms to the organisation that sits at the centre of its global network.
The case may lay bare one of the central tensions in the Big Four’s traditional business model: they sell the benefits of a global group while operating through legally separate national firms.
Evergrande, which was one of China’s largest property developers, defaulted in 2021 with about $300bn in liabilities. It was later found to have fraudulently inflated revenue in the run-up to its collapse.
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