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February 28, 2010

PwC faces exodus in wake of Satyam

PricewaterhouseCoopers India (PwC) has suffered an exodus of about 200 staff in the past two months, including 19 partners and tax leader Dinesh Kanabar, as the Satyam Computer Services fraud inflicts further damage.

It is believed the PwC employees left as a result of reputational damage caused by the scandal as well as a recent change in several key leadership positions. The other Big Four firms are said to have benefitted from the defections.

PwC is one of the largest firms in India, with more than 6,500 professional staff. A spokesperson has claimed the attrition rate at the firm was an “industry norm”.

In a separate development, former PwC partner Srinivas Talluri, who left the firm following allegations of his involvement in the scandal that led to him being imprisoned, this week received bail of INR2 million ($43,331) from Supreme Court judge Chief Justice K G Balakrishnan.

 

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