Ex-PwC Chief Tom Seymour to Testify in Senate Inquiry on Major Tax Leak Scandal

August 2, 2024
Ex-PwC Chief Tom Seymour to Testify in Senate Inquiry on Major Tax Leak Scandal
  • Tom Seymour, the former chief executive of PwC, is set to testify at a Senate inquiry focused on ethics and accountability concerning a significant tax leak scandal.

  • The inquiry was initiated following revelations in January 2023 that PwC partners had shared confidential Treasury information to benefit private sector businesses.

  • The scandal first emerged in 2022 when former PwC partner Peter-John Collins had his tax license revoked due to breaches of integrity.

  • In the wake of the scandal, Seymour confirmed that he had received relevant emails, apologized for his involvement, and stepped down from his position in May 2023.

  • This upcoming hearing will mark Seymour's first public appearance in 15 months, where he will face a two-hour questioning session alongside his predecessor, Luke Sayers.

  • Current PwC CEO Kevin Burrowes, along with other staff members, will also participate in the inquiry as the firm navigates the fallout from the scandal.

  • Ziggy Switkowski, former CEO of Telstra, has been appointed to lead an independent review of PwC's Australian operations and will testify at the inquiry.

  • PwC faced a nearly $100,000 fine in November 2023 after a tribunal found that the firm had discredited the accounting profession.

  • As part of its restructuring efforts in response to the scandal, PwC announced plans to cut over 300 jobs in March 2023.

  • Seymour, who led PwC from 2020 to 2023, is directly linked to the tax leak scandal that has significantly impacted the firm's reputation.

  • Peter-John Collins, the former PwC partner involved in the scandal, was banned from providing financial services for eight years by the corporate watchdog in October 2023.

  • Senator Deborah O’Neill, chair of the Corporations and Financial Services Committee, emphasized the importance of having individuals linked to the tax leaks testify before the committee.

Summary based on 4 sources


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Sources

PwC bosses to face fresh grilling

news.com.au — Australia’s leading news site • Aug 1, 2024

PwC bosses to face fresh grilling


Ex-PwC boss to face the music for the first time

The West Australian • Aug 1, 2024

Ex-PwC boss to face the music for the first time

Ex-PwC boss to face the music for the first time

The West Australian • Aug 1, 2024

Ex-PwC boss to face the music for the first time

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