Luke Sayers forced to sell shares in a company that stood to profit from the Australian government

Embattled Carlton president Luke Sayers personally invested in a company that stood to make billions from the Australian government.

Former PwC boss Luke Sayers said the investment was an “honest mistake” when questioned in parliament. Picture Rebecca Michael.

Embattled Carlton president Luke Sayers was forced to sell shares after he personally invested in a company that stood to make billions from the Australian government.

A Senate inquiry has uncovered more details have emerged about Mr Sayers business dealings, which he described as an “honest mistake”.

The former chief executive of PricewaterhouseCoopers had personally invested in a company bidding for a contract to process Australia’s eight million annual visa applications.

PwC forced Mr Sayers to sell the shares, but his new company, Sayers Group, was then involved in supporting a bid for a similar contract.

“An internal investigation was undertaken which found that nine partners had made investments in AVP contrary to PwC Australia’s independence policy,” PwC said in response to questions on notice from Greens Senator Barbara Pocock.

“In accordance with our Consequence Management Policy, accountability decisions were made, including the suspension of one partner, and financial penalties for partners, including the former CEO.”

Former PwC boss Luke Sayers fronts a Senate inquiry into consultancy services at Parliament House in Canberra. Picture: NCA NewsWire / Martin Ollman

Mr Sayers said the investment was an “honest mistake” when questioned in parliament this week.

“I was penalised and that was disclosed to the partners,” he said.

“And to remove any ambiguity in the personal investment policies of partners. I believe it was changed as a result of that process.”

He was unable to recall how much he paid as penalty for buying the shares, but was due to formally respond to that question in writing next month.

Mr Sayers has been described as a friend of former Treasurer Josh Frydenberg and former Victorian Premier Daniel Andrews.

Now those politicians have left their posts, and with the ongoing inquiries into PwC, observers in Melbourne business circles are watching proceedings closely.

“We’re waiting to see how this all plays out,” a business figure said.

Mr Sayers started his new firm, Sayers, after he left PwC, with the help of investments from trucking magnate Lindsay Fox, St Kilda president and Seek co-founder Andrew Bassat and former Finance Minister Mathias Cormann.

Australian Visa Processing was bidding to run the national visa system, but the $1 billion tender was abandoned in 2020 after the Federal Government spent $100 million on the project.

Qantas and NAB were also shareholders in Australian Visa Processing.

The Sayers group then teamed up in 2021 with PwC to bid for a second version of the project, which was abandoned in April this year.

Mr Sayers said in his opening statement to the Senate: “As the CEO of PwC Australia I had significant concerns about the conflicts of interest inherent in a large professional services firm and said so.”

Mr Sayers was contacted for comment on Friday.

Originally published as Luke Sayers forced to sell shares in a company that stood to profit from the Australian government