Big Five firm could face lawsuit
PricewaterhouseCoopers could face a multimillion pound lawsuit for its role as accountants at Austrian-based Steiner Industries.
Duke Street Capital, a private equity company, is considering legal action against PwC after it invested in Steiner Industry.
Since Duke Street’s investment, Steiner Industries, a garden furniture manufacturer, has been hit by fraud allegations. It now faces a potential loss of £35m.
Duke Street is now examining the role PwC played in its due diligence work to see if there are grounds for damages on behalf of its investors.
A spokesman for PwC refused to comment and a spokesperson from Duke Street was unavailable for comment.
Austrian police are conducting an investigation into the collapse of Steiner Industries, of which Duke Street initially bought one third in a deal worth £20m. It later took a two-thirds stake in Steiner.
The father-son team, Leopold and Alfred Steiner, are also under investigation by the police.