Australia

The acquisition of Australian fund manager Perpetual Ltd.'s wealth management business is in danger of collapsing after the deal was hit by an unexpected tax bill.

Revelations that the Australian arm of PricewaterhouseCoopers shared confidential information from its work with the government has sparked intense scrutiny.

The private equity giant acquired the accounting software firm in 2019.

KKR is in talks for a new loan for MYOB, an Australian accounting software firm that the private equity giant acquired in 2019, people familiar with the matter said.

The cutbacks in the Australia region are the latest sign of pressure in an industry that spans accounting, audit and consulting.

The firm will make 329 roles redundant, while as many as 37 partners will be accelerating their retirement over the next nine months.

Collins is "not a fit and proper person to provide financial services," the Australian Securities and Investments Commission said in a statement.

Australian senators on Wednesday will set their sights on KPMG in a growing probe of conflicts of interest and ethical lapses in the government's use of consultants.

Australian Retirement Trust, which manages A$240 billion ($159 billion) for 2.2 million members, "will not be undertaking any new contracts with PwC at this time."

PricewaterhouseCoopers handed over the names of 76 current or former partners associated with its tax leaks scandal to Australian lawmakers.