Economy

Banks could decide KPMG future in South Africa

Banks could decide KPMG future in South Africa”

South Africa has over many years been ranked highly because of, among other factors, the strength of our auditing standards and the soundness of our banks.

Kubayi, who was named energy minister at the end of March, said a month later that she found "glaring governance problems" related to the crude sale in 2015, when prices were at an eight-year low.

Mcebisi Jonas and Pravin Gordhan. The family are friends with President Jacob Zuma and in business with one of his sons, and have been accused of using the connection to influence government appointments and win lucrative state contracts.

An internal investigation by KPMG has revealed failure over the company's work for Gupta owned firms and Sars.

'KPMG International undertook an investigation, with the help of independent legal advisers, which found a number of failings in a report prepared for the South African Revenue Service (SARS) and in the decisions made, over time, to continue working for the Guptas.

Meanwhile South Africa's second largest bullion miner Gold Fields said on Friday KPMG would for now continue to serve as its external auditor.

"I do think there are bigger implications for the country", Lamberti said at the company's Johannesburg headquarters. Veihmeyer this week apologized for "what went wrong in KPMG South Africa" before requesting the meeting with Gordhan.

The Guptas and Zuma deny wrongdoing and say they are victims of a politically motivated witch-hunt.

Moses Kgosana, the former CEO of KPMG's South African unit, resigned as chairman of Imperial's audit committee two weeks ago.

KPMG is the third major firm involved in the controversy from dealings with the Gupta family's group of businesses, after London-based public relations firm Bell Pottinger fell into administration this week. While the work has been completed, Kubayi wants assurances about the KPMG report before making the results public and considering further action, she said in a phone interview Tuesday.

KPMG said it would donate the $3 million it earned in fees from Gupta-controlled firms to charity and refund $1.7 million it earned compiling a controversial report for the South African tax agency.

The Democratic Alliance, the main opposition party, has led calls for companies that dealt with the Guptas to be investigated and penalized.



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