Former PwC Australia chief executive Luke Sayers told a Senate committee he devised a plan to spin off PwC’s entire consulting business while he was in the top job in 2019 – years before the tax leak scandal came to light – in an attempt to address conflicts of interest with its audit work.
As a PwC business, it has been banned from new government work as a result of the tax scandal, which involved senior partners using confidential government tax plans to attract new clients. PwC executive Kristin Stubbins told a NSW inquiry in June that the sale was designed to save PwC from collapse.But Sayers revealed to a Senate committee into the consulting industry on Thursday that he had organised plans to spin off the entire advisory business in 2019, just before his mandatory retirement from the firm, into a group which was believed to be valued at up to $1 billion.
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