PwC Australia Government Arm’s New Owner Faces Lawmaker Scrutiny

The new owner of PwC Australia’s government advisory service business will need to convince the Australian government that it is not just the Big Four member rebranded, a senator said Wednesday.

Private equity firm Allegro Funds bought the arm from PwC Australia on July 1 for a token A$1 as the accountancy giant attempts to move away from an ongoing tax leak scandal that has enveloped the business. PwC Australia has lost access to valuable new contracts with the federal government, two state governments, and some of the country’s largest pension funds during the fallout.

Allegro Funds has renamed the ...