CNN —PwC, one of the world’s big four consulting firms, is selling its government advisory business in Australia for just cents after a scandal left its reputation there in shreds.
As a result, PwC will sell its government consultancy practice in Australia to Allegro Funds, a private equity firm, for just 1 Australian dollar ($0.7), PwC said in a statement.
The business accounts for about 20% of the firm’s revenue in the country.
PwC Australia has taken steps to try to regain trust.
The firm also ordered nine partners to go on leave as it carried out an investigation “into who may have shared or misused confidential information,” acting CEO Kristin Stubbins said in an open letter in May.
Persons:
CNN —, PwC, Peter Collins, Tom Seymour, Kristin Stubbins, Stubbins, Collins, ”, “
Organizations:
CNN, Allegro Funds, Australian Treasury, Australian Senate, Police, PwC, Mr
Locations:
Australia, PwC, PwC Australia