KPMG Australia considers $100 million loan from global parent firm
KPMG Australia is reportedly considering securing $100 million in loans from its global firm. The move is intended to maintain partner compensation levels and prevent the departure of major clients.
First reported 1 hour ago · latest update 1 hour ago
The Australian arm of embattled consultancy KPMG is considering seeking up to $100 million in loans from the global wing of the firm as it battles with the fallout from a whistleblower scandal that has cost it several marquee clients.
An anonymous KPMG whistleblower warned the firm of a raft of serious allegations in 2024, including that senior partners had misused confidential information to win work, but his claims were dismissed until Senator Deborah O’Neill went public with the allegations in March.
On Monday, The Australian Financial Review reported that KPMG Australia chief executive John Sams was in the process of asking KPMG’s global network of firms to loan his division up to $100 million, and agree to waive its fee to use the KPMG name and resources, which is worth about the same amount.
KPMG is structured as a network of quasi-independent consultancies that operate in different territories under the ultimate supervision of the global head office.
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KPMG Australia mulls seeking $100 million in loans from global firm
The consultancy is seeking to stop other big clients deserting the firm and keep partner pay at a higher level.
1 hour ago · Nick BonyhadyKPMG Australia mulls seeking $100 million in loans from global firm
The consultancy is seeking to stop other big clients deserting the firm and keep partner pay at a higher level.
1 hour ago · Nick Bonyhady