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Ladybbird · 26-06-23, 10:42

PricewaterhouseCoopers (PwC) Australia Sells Business For 50p After Tax Leak Scandal

PwC Australia says it will sell its government business for A$1 (50p) after a scandal over the misuse of confidential government tax plans.

Britishvolt Owners' Offices Raided by Australian Tax Police

The prospect of a new battery factory in Northumberland UK has suffered a setback after the buyer of Britishvolt was raided by Australian police.

BBC NEWS 26 JUNE 2023

The accounting giant has also announced the appointment of a new chief executive in the country.

The move will allow the firm "to move forward with predictability and focus," PwC Australia said in a statement.

In January, it emerged that a former PwC Australia partner had leaked the classified information.

The ex-partner, who was advising the Australian government, had shared drafts of corporate tax avoidance laws with colleagues, who used it to pitch to potential clients. The leaks occurred between 2014 and 2017.

The company has said that no confidential information had been used to help clients pay less tax.

However, politicians and officials have called for PwC Australia to be banned from being awarded government contracts until it satisfactorily responded to the scandal.

Earlier this month, PwC Australia said it had identified 76 current and former partners linked to the scandal and handed their names to Australian lawmakers.

On Monday, PwC Australia's acting chief executive Kristin Stubbins told a parliament inquiry that employees who were found to have acted improperly would face "severe" consequences.

"We have failed the standards we set for ourselves as an organisation, and I apologise on behalf of our firm," she said.

PwC Australia appointed Kevin Burrowes as its new chief executive on Sunday. He was previously PwC Network's global clients and industries leader.

"He will work with his colleagues and management team to re-earn trust with PwC Australia's stakeholders," said Justin Carroll, the chair of PwC Australia's governance board.

The company also said it would sell its Australian federal and state government business to private equity firm Allegro Funds, with the aim of reaching a binding agreement for the deal by the end of next month.

The sale will create two independent firms without any "disruption in vital services to public sector clients," PwC Australia said.

PwC Australia's government business has about 1,750 employees and accounts for around 20% of its annual revenue.

In May, Tom Seymour, the previous chief executive of PwC Australia, stepped down after he admitted to being one of at least 67 recipients of the sensitive information at the centre of the scandal.

Later that month, the company put nine partners on leave and overhauled its governance board.

Australia's Treasurer Jim Chalmers called the revelations a "shocking breach of trust".

For the current financial year, the Australian government is committed to contracts with PwC worth A$255m, according to official data.

Since the scandal first emerged, major pension funds including AustralianSuper, as well as the country's central bank, have said they would not sign any new contracts with PwC.

RELATED:

Britishvolt Owners' Offices Raided by Australian Tax Police

Investigators went to the offices of Scale Facilitation and SaniteX, owned by Australian entrepreneur David Collard over alleged tax fraud.

Recharge Industries, a subsidiary of Scale Facilitation, bought Britishvolt this year after it collapsed.

But it is yet to pay for a prospective plant site near the Port of Blyth.

Sources close to Mr Collard, who is a former partner at accountancy giant PwC, said that the tax raid is due to a misunderstanding of the interaction between US and Australian tax filings and that all parties were co-operating.

Recharge Industries is ultimately owned and run by Scale Facilitation, a New York-based investment fund which has offices in Australia.

Recharge Industries bought the assets of Britishvolt after it went into administration despite the public backing of politicians including former prime minister Boris Johnson.

Britishvolt had planned to build a £4bn plant in Cambois near Blyth, Northumberland to make batteries for electric vehicles and create around 3,000 skilled jobs.

However, the company struggled to make a profit and eventually ran out of money in January.

A deadline for Recharge Industries to finalise and pay for the purchase of the site in Northumberland has been extended long beyond the original date of 31 March.

Insiders close to Recharge confirmed that staff wages in Australia had gone unpaid for around two weeks but insisted those payments had now been made.

They said the company remained confident it could secure the funding to complete the purchase of the land near Blyth in the next two to four weeks.

The BBC understands that the owners of Recharge are still hopeful that a deal to develop the £4bn site can proceed.

Recharge is expected to take a minority shareholding in a new company called North East Gigafactory Development LLP with well known and deep-pocketed investors Tritax and Abrdn owning the majority between them.

Recharge's plan for the site was to initially develop battery storage technology, rather than batteries for electric vehicles.

A person familiar with the situation told the BBC that emphasis had seen government enthusiasm for the project cool.

"Government certainly wasn't rolling out the red carpet", they said and the BBC understands that the Australian owners have not met with either Business Secretary Kemi Badenoch, or the Secretary for Energy Security and Net Zero, Grant Shapps.

Nevertheless it seems that the hopes for an imminent start on a plant that it is hoped would provide thousands of jobs in the North East are, once again, on hold.

26-06-23, 10:42	#1
Ladybbird Join Date: Feb 2011 Posts: 47,639 Thanks: 27,645 Thanked 14,458 Times in 10,262 Posts Awards Showcase Total Awards: 8	Australian Tax Leak Scandal: (PwC) Sells For 50p / Britishvolt Owners' Offices Raided PricewaterhouseCoopers (PwC) Australia Sells Business For 50p After Tax Leak Scandal PwC Australia says it will sell its government business for A$1 (50p) after a scandal over the misuse of confidential government tax plans. Britishvolt Owners' Offices Raided by Australian Tax Police The prospect of a new battery factory in Northumberland UK has suffered a setback after the buyer of Britishvolt was raided by Australian police. BBC NEWS 26 JUNE 2023 The accounting giant has also announced the appointment of a new chief executive in the country. The move will allow the firm "to move forward with predictability and focus," PwC Australia said in a statement. In January, it emerged that a former PwC Australia partner had leaked the classified information. The ex-partner, who was advising the Australian government, had shared drafts of corporate tax avoidance laws with colleagues, who used it to pitch to potential clients. The leaks occurred between 2014 and 2017. The company has said that no confidential information had been used to help clients pay less tax. However, politicians and officials have called for PwC Australia to be banned from being awarded government contracts until it satisfactorily responded to the scandal. Earlier this month, PwC Australia said it had identified 76 current and former partners linked to the scandal and handed their names to Australian lawmakers. On Monday, PwC Australia's acting chief executive Kristin Stubbins told a parliament inquiry that employees who were found to have acted improperly would face "severe" consequences. "We have failed the standards we set for ourselves as an organisation, and I apologise on behalf of our firm," she said. PwC Australia appointed Kevin Burrowes as its new chief executive on Sunday. He was previously PwC Network's global clients and industries leader. "He will work with his colleagues and management team to re-earn trust with PwC Australia's stakeholders," said Justin Carroll, the chair of PwC Australia's governance board. The company also said it would sell its Australian federal and state government business to private equity firm Allegro Funds, with the aim of reaching a binding agreement for the deal by the end of next month. The sale will create two independent firms without any "disruption in vital services to public sector clients," PwC Australia said. PwC Australia's government business has about 1,750 employees and accounts for around 20% of its annual revenue. In May, Tom Seymour, the previous chief executive of PwC Australia, stepped down after he admitted to being one of at least 67 recipients of the sensitive information at the centre of the scandal. Later that month, the company put nine partners on leave and overhauled its governance board. Australia's Treasurer Jim Chalmers called the revelations a "shocking breach of trust". For the current financial year, the Australian government is committed to contracts with PwC worth A$255m, according to official data. Since the scandal first emerged, major pension funds including AustralianSuper, as well as the country's central bank, have said they would not sign any new contracts with PwC. RELATED: Britishvolt Owners' Offices Raided by Australian Tax Police *Investigators went to the offices of Scale Facilitation and SaniteX, owned by Australian entrepreneur David Collard over alleged tax fraud.* Recharge Industries, a subsidiary of Scale Facilitation, bought Britishvolt this year after it collapsed. But it is yet to pay for a prospective plant site near the Port of Blyth. Sources close to Mr Collard, who is a former partner at accountancy giant PwC, said that the tax raid is due to a misunderstanding of the interaction between US and Australian tax filings and that all parties were co-operating. Recharge Industries is ultimately owned and run by Scale Facilitation, a New York-based investment fund which has offices in Australia. Recharge Industries bought the assets of Britishvolt after it went into administration despite the public backing of politicians including former prime minister Boris Johnson. Britishvolt had planned to build a £4bn plant in Cambois near Blyth, Northumberland to make batteries for electric vehicles and create around 3,000 skilled jobs. However, the company struggled to make a profit and eventually ran out of money in January. A deadline for Recharge Industries to finalise and pay for the purchase of the site in Northumberland has been extended long beyond the original date of 31 March. Insiders close to Recharge confirmed that staff wages in Australia had gone unpaid for around two weeks but insisted those payments had now been made. They said the company remained confident it could secure the funding to complete the purchase of the land near Blyth in the next two to four weeks. The BBC understands that the owners of Recharge are still hopeful that a deal to develop the £4bn site can proceed. Recharge is expected to take a minority shareholding in a new company called North East Gigafactory Development LLP with well known and deep-pocketed investors Tritax and Abrdn owning the majority between them. Recharge's plan for the site was to initially develop battery storage technology, rather than batteries for electric vehicles. A person familiar with the situation told the BBC that emphasis had seen government enthusiasm for the project cool. "Government certainly wasn't rolling out the red carpet", they said and the BBC understands that the Australian owners have not met with either Business Secretary Kemi Badenoch, or the Secretary for Energy Security and Net Zero, Grant Shapps. Nevertheless it seems that the hopes for an imminent start on a plant that it is hoped would provide thousands of jobs in the North East are, once again, on hold. __________________ PUTIN TRUMP & Netanyahu Will Meet in HELL ..................*SHARKS are Closing in on TRUMP*.......................... *TRUMP WARNS; 'There'll Be a Bloodbath* If I Don't Get Elected'..MAGA - MyAssGotArrested...IT's COMING** PLEASE HELP THIS SITE..Click DONATE & Thanks to ALL Members of ... 1.. THIS SITE IS MORE THAN JUST WAREZ...& TO STOP SPAM-IF YOU WANT TO POST, YOUR FIRST POST MUST BE IN WELCOMES

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