Ex-PwC Chief Tom Seymour to Testify in Senate Inquiry on Major Tax Leak Scandal
August 2, 2024Tom 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
news.com.au — Australia’s leading news site • Aug 1, 2024
PwC bosses to face fresh grillingThe Sydney Morning Herald • Aug 1, 2024
Australia news LIVE: Higgins-Reynolds defamation trial to begin today; Russia frees Wall Street Journal reporterThe West Australian • Aug 1, 2024
Ex-PwC boss to face the music for the first timeThe West Australian • Aug 1, 2024
Ex-PwC boss to face the music for the first time