PwC EOFY sale!
After PwC's tax scandal, the company's Government Consulting Arm is up for grabs at a $1 bargain. Stock is limited to 1.
*Reposted since original was removed for being a joke post (In my defence, it was an actual deal)
PwC Australia Government Consulting Arm Sold for $1
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Hello Hybroid,
I sure hope you are well!
I am a long time lurker and do not actually have an account! I saw the fleeting opportunity to make a funny post and from an educated guess: sizable amount of people would consider buying PwC's Australian Government Consulting arm for $1 a bargain! (Hence, OzBargain!) Therefore I decided to lose my OzBargain memberhip virginity.
But as I can see, I've stirred up some worthwhile conversations in this thread!
Peace be with you,
Water2Winecorrect
just trying to save face, the inherent corruption will not cease, just under a different guise
anyone want to go 1/100 with me?
i'm short on cash
PwC got caught.
The remaining big firms (henceforth to be known as the Big Three) will now do hwhat they must to avoid such an outcome.
henceforth to be known as the Big Three
Why three?
Isn't it $1 due to the criminal liability of defrauding the commonwealth?
Why would anyone buy it??
other companies have different procedures to prevent being caught in such a scandal
At least PwC didnt profit from the sale as had previously been reported. Under this arrangement, it has given away 10 per cent of its business (and a rather profitable one too) which is major loss for the firm.
That said, this should be the start of the punishment and not the end. The dozens of unethical carpet baggers who lined their pockets at our expense deserve prosecution.
major loss for the firm.
Why would they do this
It's the only option it had left if it wanted to ring fence the damage.
Because they have a lot of staff who didn't do anything wrong who are impacted by the fact that PwC are blacklisted. If they didn't do this, those staff would have been made redundant as PwC wouldn't need roles servicing government departments.
This way the business gets rid of a part that is no longer viable and the vast majority of people who weren't involved in the tax advice issue get an opportunity to continue their careers. It won't be smooth sailing as the new company will carry the black mark with them, but it at least creates some opportunity.
It's easy to get caught up in the hysteria of everything, but remember there are a lot of uninvolved staff who have uncertain futures because of this. Yes, the people involved deserve to be held accountable for their actions, but the people who aren't involved deserve a fair chance.
Too expensive, not a bargain.
Divest or continue to bleed business. No one wants to be associated with PwC at the moment.
Governments and the public should still be wary and not assume the conflicts have gone away just because of new ownership. Former (?) PWC partners are part owners of Allegro. The culture that led multiple PWC partners to breach confidentiality and sell inside government information to their clients may well continue inside Allegro. Social and professional relationships will continue between the people of Allegro and the rest of PWC, and there will continue to be movement of people (and their knowledge) between the two.
PwC Australia Government Consulting Arm Sold for $1
I offered 50 cents…
I think they overpaid…
Why do you feel this is funny enough that you needed to sign up for an alt account?
Companies/properties/whatever sold for a symbolic $1 means there's a valid legal transaction, and then the purchasing party picks up any debt or required ongoing activities. It's not just a $1 cost.
Anyway, it was sold to Allegro Funds which has tie-ins to existing PwC partners.
https://www.reuters.com/markets/deals/pwc-australia-sell-gov…
The cycle doesn't change, just a bandaid applied for smoke and mirrors to reduce the scandal noise. Business as usual continues.