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Accounting business PWC is being sued for more than $1.5 billion in a New Zealand court for allegedly providing wrong advice to companies in the Brierley group, but denies liability.
A judgment by Associate Judge Kenneth Johnston at the High Court in Wellington says BIL NZ Treasury, GL Management PTE, GL and Brierley Holdings say they acted on advice received from PWC between 1998 and 2018 as to how they could use substantial historical losses.
There was no evidence of formal contract for services, but there was a letter written to the companies by PWC in relation to an original engagement dated May 28, 1998, the judge said.
BIL NZ Treasury and Brierley Holdings are New Zealand registered companies, owned by GL, which is based in Bermuda, Companies Office records show. GL Management PTE is not registered in New Zealand.