PwC's profits in Asia shrunk by 12.7% in the fiscal year ending June 30, as the firm has reeled from high-profile scandals in China and Australia, according to the Financial Times.
In September, PwC was fined $62 million and banned from operating in China for 6 months for having "concealed or even condoned" fraud at collapsed property developer Evergrande. And, in Australia, the firm's revenues have fallen 26% following its tax leaks scandal, which involved partners using confidential government information to advise clients on tax avoidance strategies. Following this, PwC Australia was forced to sell its public sector consulting business to avoid losing government contracts.
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