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PwC being sued for poor advice

Photo: Supplied
However, PwC denies liability in the case which is being heard in the High Court in Wellington.
A court judgement detailed the case, in which the Brierley companies - BIL NZ Treasury, GL Management PTE, GL, and Brierley Holdings - say that between 1998 and 2018 they acted on advice from PwC on how to use historical tax losses.
The judgement noted the $1.582 billion in losses could only be used if they were offset against income generated, and the companies sought advice from PwC on the best way to hold on to the losses until that could be achieved.
Finally, they say that, during the financial year ending 30 June 2019, in circumstances which need not be described here, it became apparent that the advice that PwC had provided was wrong, and that as a result the opportunity to utilise the tax losses was lost, Associate Judge Kenneth Johnston outlined in a judgement published this week. ....

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Who was Sir Ron Brierley, corporate raider guilty of possessing child sex abuse images?

Sir Ron Brierley.
Photo: Getty Images
Having honed his skills in the 1970s, Brierley s self-named investment company set about finding suitable targets.
It looked for the lame, the tired, the old, and the defenceless companies that were undervalued, underperforming, and ripe for taking.
Brierley Investments would make an offer that few chose to ignore. Having secured a prize it would then look to add value - more often than not through restructuring, taking out costs, dismemberment, asset sale, and then selling the core or rump of the target.
In the space of two decades, Brierley Investments had played with Air New Zealand, Dominion Breweries, New Zealand News (publishers of the now defunct Auckland and Christchurch Stars), Sky City Entertainment, New Zealand Insurance, Australia s Fairfax Holdings, Rothmans, Britain s Thistle Hotel chain, and the UK investment bank Guiness Peat. ....

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