The firm was ‘not considered’ to have been in breach of its code of conduct and values in legal documents that reveal the firm was advised that it would not be required to take any further action with respect to the whistleblowers’ allegations.

Despite KPMG requesting legal professional privilege over its legal documents produced by Ashurt and Allens, Monday (10 August) the Parliamentary Joint Committee on Corporations and Financial Services decided to release six legal documents from the firm ‘on the basis of compelling public interest’.

The six documents include letters of advice, review letters, letters on Allen’s investigation into the whistleblower allegations named “Project Magenta”, the outcome of its review, and Allens’ Final Investigation Report on Project Magenta.

Accounting Times viewed a letter of advice issued to KPMG by Ashurst in mid 2025 which said: “On the basis of the information available to us, we cannot see any proper basis for [redacted] claims that the Deed is void or unenforceable.”

“We recommend, however, preparing a communication to [the whistleblower] that sets out KPMG's perspective on what has occurred and its position – in essence, that it is not trying to "silence him", that it takes his concerns seriously and encourages him to provide (through one of the many avenues available to him) any further relevant details that he has so that it can look into these matters further.”

Later that year, Allens issued a letter of advice to the firm which...

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