Oct 31 (Reuters) - Pioneer Credit Ltd (PNC) : COMMENCEMENT OF...

Oct 31 (Reuters) - Pioneer Credit Ltd (PNC) :

• COMMENCEMENT OF PROCEEDINGS AGAINST PWC
• COMMENCED LEGAL PROCEEDINGS IN SUPREME COURT OF WESTERN AUSTRALIA AGAINST PRICEWATERHOUSECOOPERS
• LEGAL PROCEEDINGS AGAINST PWC FOR NEGLIGENCE, BREACH OF RETAINER, AND MISLEADING OR DECEPTIVE CONDUCT
• CLAIMS PWC'S CONDUCT CAUSED PIONEER TO SUFFER LOSS AND DAMAGE CURRENTLY ASSESSED BY PIONEER TO BE APPROXIMATELY A$27 MILLION
• PROCEEDING IN ESSENCE ALLEGES THAT PWC HAS FAILED COMPANY AND ITS SHAREHOLDERS
• PIONEER CLAIMS PWC'S CONDUCT HAS INSTEAD HAD A SIGNIFICANT COST IMPACT ON COMPANY, BOTH TO ITS BOTTOM LINE AND REPUTATIONALLY
• CLAIMS THAT PWC'S CONDUCT CAUSED PIONEER TO SUFFER LOSS AND DAMAGE CURRENTLY ASSESSED BY PIONEER TO BE APPROXIMATELY A$27 MILLION