In a strategic shift set to reshape the professional services landscape in Sri Lanka, PricewaterhouseCoopers (PwC) has announced that by the end of October, it will no longer operate in the region. In a significant realignment, franchise partners and employees will transition to Deloitte, marking an unprecedented move that industry analysts believe will create the largest consulting entity in the country.
Sujeewa Mudalige, PwC Sri Lanka’s Territory Senior Partner, along with Channa Manoharan, Advisory Leader and Chief Operating Officer, have communicated their intentions to their client base, stating that their exit from the PwC network will be effective from the 28th of October. The strategic decision reflects their future-focused business trajectory and growth objectives.
This move aligns with Deloitte’s recent momentum, underscored by its announcement of a record-breaking $65 billion in revenue for the fiscal year ending on June 30, 2023. Deloitte’s financial performance is expected to surpass that of its competitors, namely the other three giants of the professional services industry: PwC, EY, and KPMG. Deloitte India’s recent coup in securing transaction advisory contracts for the divestment of three Sri Lankan State-Owned Enterprises further cements its market dominance.
The transition from PwC to Deloitte has been legally stewarded by Sudath Perera Associates, with Dushyantha Perera, Partner and Head of Corporate & Commercial Law, and Senior Associate Hafsa Ifthikar leading the advisory team. They were supported by specialists across various legal domains, including Dharshika Herat Gunaratne (Partner & Head – Real Estate & Conveyancing), Thidas Herath (Partner – Labour & Employment Relations), and Minidi Gamalath (Head Company Secretary).
Legal counsel on Maldivian law was furnished by Praxis Law, ensuring comprehensive regional legal coverage during this significant transition.
