PricewaterhouseCoopers (PwC), one of the four biggest accounting firms in the world, has asked eight of its employees to leave the company as a result of a scandal involving tax leaks in Australia.
AFP reported that on Monday, PwC named the eight partners who had “allowed bad behaviour to continue without taking responsibility.” Among them was former Australian CEO Tom Seymour.
“Accountability is a key part of making our culture better, and based on what we’ve found so far, it’s clear that a number of partners didn’t live up to what was expected of them. Acting CEO Kristin Stubbins said, “They are now being held responsible for their bad behaviour.”
PwC said in a detailed statement and plans for reorganisation that the firm’s investigation found specific examples of how professional standards were broken when it came to confidential information.
Pete Calleja and Sean Gregory have left the PwC partnership because they didn’t lead well enough, the company said. Peter van Dongen, Wayne Plummer, and Tom Seymour have also been told they have to leave.
PwC job cuts:
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Why did one of the big four accounting firms, PwC, cut jobs for senior executives? | PwC tax avoidance scandal
PwC also said that four former partners, Michael Bersten, Peter Collins, Neil Fuller, and Paul McNab, had already left because they had broken confidentiality rules.
In 2015, the Australian government put in place new tax rules that were meant to stop foreign funds from moving their profits to tax havens in other countries.
A government investigation found that a senior staff member of PwC, who had been told about the reforms, had told other staff members about them, which was against the rules of confidentiality.
The company then used this information to “aggressively market” itself to new customers, according to the government investigation.
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