Australian government threatens to revoke foreign takeovers linked to advice scandal [Video]

Federal Treasury is reviewing an unknown number of foreign takeovers involving PwC after the embattled consulting firm was accused of misleading the Tax Office to help its clients receive Foreign Investment Review Board (FIRB) approval.

The investigation could lead to criminal charges and approvals being revoked, but Treasury would not say if the review could lead to forced sales if the foreign acquirers were unable to gain fresh approval.

The move follows revelations from the Australian Taxation Office that it now monitors the role of advisers when foreign groups seek Foreign Investment Review Board (FIRB) approval, after a recent case involving aggressive tax arrangements where PwC acted as an adviser.

The ATO said statements it received …