Sydney, Australia – PricewaterhouseCoopers (PwC) Australia has announced an exclusivity agreement with Allegro Funds for the sale of its government practice for a symbolic amount of A$1 on Sunday.
The decision to sell the government practice follows a period of turmoil for PwC Australia, triggered by a national scandal in January. The firm brought in an executive from Singapore to lead its local operations amidst the fallout from the scandal. The scandal revolves around a former PwC tax partner who had been advising the federal government on measures to prevent corporate tax avoidance. It was revealed that the tax partner had shared confidential information with colleagues, who subsequently used it to pitch multinational companies.
As a result of the scandal and the ensuing backlash from government clients, PwC Australia has made the decision to divest its government practice. The agreement with Allegro Funds marks a significant step in that direction. PwC and Allegro are now working towards finalizing a binding agreement within the next month.
The sale of the government practice signifies PwC’s commitment to address the challenges it has faced and rebuild trust with its clients and stakeholders. By divesting this particular division, PwC aims to focus on restoring its reputation and delivering exceptional services across its remaining business lines.
