Business & Economy

Australia investigates PwC after confidential tax information leak

Sydney, Australia, June 26 (EFE).- A regional parliament in Australia is investigating the subsidiary of PricewaterhouseCoopers (PwC) in the country after the scandal of the leak during the past decade of a confidential tax plan.

“We deeply regret the breach of confidential federal tax policy information that happened around eight years ago and I deeply apologize for that,” PwC Australia interim Chief Executive Kristin Stubbins told the New South Wales Parliament committee on Monday.

The scandal began in January when economic newspaper Australian Financial Review said a former partner of PwC Australia leaked classified information to his colleagues years ago, used to attract new clients between 2014 and 2017.

This prompted the resignation last month of PwC Australia’s Chief Executive Tom Seymour and the opening of an independent investigation ordered by the consultancy, while police investigate the alleged main perpetrator of these leaks.

Stubbins promised, before the committee that investigates the use and management of the services of consultants in this jurisdiction, that she will collaborate with the authorities and give the names of those involved once the independent investigations into the case carried out by two law firms are completed.

“This is a comprehensive, detailed investigation and, as you can appreciate, we need to get it right,” Stubbins said in Sydney, the capital of New South Wales, adding that the culprits face “severe” consequences, the Australian Associated Press agency registered.

Stubbins’ appearance before regional parliament comes a day after PwC Australia announced an agreement for the sale for AUD 1 ($0.67) of its government business portfolio to the administrator of Allegro Funds.

With this transfer, expected to occur in July, two independent companies will be created to ensure “vital services” with public sector clients are not “interrupted” and protect 1,750 jobs, Pwc Australia said, ending all its government advisory work, both at state and federal levels.

“PwC Australia will make no financial gain from the transaction,” Stubbins told the regional parliament committee Monday. EFE


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