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Sayers wanted to sell PwC’s consulting business for $1b

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Luke Sayers was so worried about the conflicts at PwC that he spearheaded a secret push, known as Project Kookaburra, to float the firm’s local consulting business for $1 billion.

Former PwC Australia CEO Luke Sayers was so concerned about the conflicts between the firm’s consulting and traditional audit business that he led a secret push, known as Project Kookaburra, to float the consulting business for $1 billion.

Former PwC Australia CEO Luke Sayers at a public hearing of the ongoing Senate inquiry into consulting, held in Canberra on Thursday, October 12.Earlier, the firm’s new Australian boss Kevin Burrowes endured a torrid morning of testimony from senators sceptical about the ability of the embattled firm to reform the way it operates. It is the first time that representatives of PwC have given public testimony about the scandal at the federal level.

PwC Australia CEO Kevin Burrowes has defended the Switkowski report into the tax leaks scandal and his response to it.The hearing began with senators painting the review by Dr Ziggy Switkowski into PwC’s governance as a report with limited terms, sweeping but vague statements, and inaccuracies.

“I’m not going to sit here and defend what happened,” Mr Burrowes said. “It’s totally inappropriate that some of our partners, a small number of partners that are laid out in our statement of facts, took confidential Treasury information and shared it within our firm...and we apologise to you, and we apologise to the people of Australia that we’ve fallen short of the standards.

 

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