PwC Australia’s acting CEO says the embattled consulting firm will name all those involved in the tax leak scandal and warns of severe consequences as it nears the end of an internal investigation.
“The investigation into the confidentiality matter is to be completed shortly,” Kristin Stubbins told a NSW parliament inquiry on Monday.
“When the investigation is complete, which it will be shortly, we will be naming all those people who did anything wrong and there will be appropriate accountability.”to split off its government business into a separate entity that will be sold to Australian private equity group Allegro Funds for $1.Martin Ollman
The proposed buyer of PwC’s government business, Allegro Funds, recently sold Pizza Hut’s Australian stores to a US buyer.Stubbins said the decision to spin off the business was made recently after the firm determined that plans to ringfence it from its private sector business did not go far enough. Some senators questioned the divestment decision and expressed scepticism at how quickly the firm had engineered the scheme.
Greens senator Barbara Pocock said: “PwC seems to be putting a lot more effort into looking after its partners and staff than into addressing the ethical failure of the tax scandal or coming clean about who was involved.”She said the proposed split did not deal with the internal inherent conflicts of interest within consultancies doing work for the government.
This business will no longer work as a partnership. All staff will become salaried employees of the new entity, which will operate with an independent board and corporate structure akin to an ASX-listed company.
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