Fourth pension fund freezes PwC Australia work over government tax plan leak. The fourth fund to freeze PricewaterhouseCoopers (PwC) Australia over its misuse of sensitive government tax plans was Australia’s third-largest pension fund on Friday.
A$150 billion ($100.62 billion) Aware Super said it has temporarily stopped new contracts with PwC “out of an abundance of caution” and was very dissatisfied by documented governance, accountability, and cultural issues at the business.
“PwC’s professionals have helped us deliver for our members. “We look forward to the full extent of this issue being promptly investigated and addressed,” an Aware spokeswoman stated.
Aware said it was working with PwC last week to see if any fund tax advisors were involved in the issue.
Four major pension funds that handle around A$750 billion have halted engagement with PwC Australia in a week.
PwC, which made A$3 billion in revenue last year, may lose more contracts as government agencies stop or evaluate their relationships with the business.
PwC was criticized after a former tax partner who advised the government on corporate tax avoidance legislation shared secret drafts with colleagues to pitch U.S. technology corporations, among others.
A senior tax office employee told a senate hearing on Wednesday that a cache of internal PwC emails disclosed last month showed “the international tax network within PwC was operating internationally to subvert the Australian law development or the application of the law.”
In an unreported letter to lawmakers on Monday, PwC cited at least 67 current and former personnel involved in the hack.
