PwC Australia’s former head of international tax, Peter Collins “improperly used confidential Commonwealth information,” according to a statement from Steven Kennedy, secretary to the treasury. — Bloomberg
SYDNEY: PricewaterhouseCoopers (PwC) has identified a list of 76 current or former partners associated with its tax leaks scandal, handing over their names to Australian lawmakers.
“We’ve heard the calls from our stakeholders to release the names of those who were responsible for confidentiality breaches and we’ve been working as quickly as possible to determine that and to disclose these names to the Senate per their request, and we have now done so,” PwC Australia acting chief executive officer Kristin Stubbins said in a statement.
In an email to partners, first reported in the Australian Financial Review, Stubbins said former partners Michael Bersten, Peter Collins, Neil Fuller and Paul McNab were involved in breaching confidentiality.
A spokesperson for PwC confirmed the names.
Stubbins added that the names of nine others who were placed on leave last week have been provided to a Senate committee and promised to take appropriate action.
The firm also handed over a list of an additional 63 current or former partners and staff who received at least one email containing confidential information.
It noted that those people may not have been aware of the confidentiality breach.
The Australian arm of the global consulting giant has been under pressure following revelations that a former senior partner obtained confidential tax policy information while advising the government and the firm then used it to advise global clients.
The firm stands to lose millions of dollars in revenue thanks to its breach, as clients reviewed their relationship with the consultant.
Last week, Australia’s largest pension fund said it was freezing all future contracts with the consulting firm in the wake of the scandal.
McNab said in a LinkedIn post that at all times he worked with clients to comply with Australian tax law, and not avoid it. “For the record, I was not involved in any Treasury consultations regarding MAAL where confidential information was discussed,” he said, referring to the multinational anti-avoidance law.
“In addition, I trusted that the information shared with me as a partner of the firm would comply with any confidentiality agreements that may have been in place with Treasury.” — Bloomberg
