If it works – and that’s a big if – PwC’s plan to split off its government consulting practice could send shockwaves through the local professional services sector.
There’s more than a whiff of desperation about PwC’s plan to sell its government consulting practice to a partner buyout backed by private equity firm Allegro.Allegro’s key role is to provide the capital required to set up the new businessEight of the 10 PwC partners leading the Project Bell deal. David Sacks, Jamie Brigg, Ben Neal, Chris Rogan. Adrian Box, Diane Rutter, Kate Evans, Josh Chalmers.parachuted in to take control.
a move specifically designed to deal with what a Senate report last week described as the conflict at the heart of the PwC scandal Notably, none of the 63 PwC partners and staff on the infamous list of people who received the leaked tax information would work for the new company, nor will anyone associated with other government scandals such as robo-debt.
Of course, a lot of water needs to go under the bridge at Bell before such a question is even worth considering.Allegro briefed the 150-odd partners on its plan on Sunday afternoon – about 130 partners will be invited to join Bell – two weeks after PwC effectively told these same partners that they were out and the firm would approve a partner buyout.
The firm’s chief political persecutors, Labor senator Deborah O’Neill and Greens senator Barbara Pocock, are clearly unimpressed with the move and the fact it comes before PwC has formally identified the full list of people involved in the tax leaks scandal.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Allegro to pay just $1 to save PwC’s government businessAbout 130 PwC partners and about 1750 staff from the firm’s embattled government consulting arm will join a new company codenamed Bell under the cut-price deal.
Read more »
PwC global seizes control of Australia firm, replaces CEOPwC’s global leaders parachuted in the network’s global clients and industries leader, Kevin Burrowes, to take over from Kirstin Stubbins after selling its government operations for $1.
Read more »
The universities spending millions on consultants like PwCAustralian universities are spending hundreds of millions of dollars every year hiring consultants, including from major firms PwC and Deloitte, even as wage theft scandals and redundancies rock the sector.
Read more »
PwC Australia appoints new CEO, offloads government businessPwC has appointed one of its most senior global executives to take control of its Australian firm and has confirmed the sale of its government business to private equity group Allegro Funds for $1.
Read more »
The universities spending millions on consultants like PwCAustralian universities are spending hundreds of millions of dollars every year hiring consultants, including from major firms PwC and Deloitte, even as wage theft scandals and redundancies rock the sector.
Read more »
PwC Australia appoints new CEO, offloads government businessPwC has parachuted in one of its most senior global executives to take control of its Australian firm and has confirmed the sale of its government business to private equity group Allegro Funds for $1.
Read more »