Accounting Giant PwC Sells Government Advisory Business to Contain Widening Tax Leak Scandal
- PwC Australia faced fallout from leaking confidential Treasury documents and charged clients $2.5 million in fees for tax avoidance advice based on the leaked information.
- PwC sold its government consulting business for $1 to Allegro Funds in an attempt to remedy the scandal and rebuild trust with public sector clients.
- PwC's government advisory work accounted for up to 20% of its revenue, putting significant financial pressure on the firm.
- PwC named four former partners involved in the leak, placed nine current partners on leave, and warned of severe consequences for anyone implicated.
- PwC's new CEO faces the challenge of rebranding the firm and stemming further losses after effectively being banned from government work.
Deutsche Welle 
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The Sydney Morning Herald 
