KPMG’s Gupta Auditors Could Be Stripped Of Licences Soon
KPMG has drafted in leading
advocate Tembeka Ngcukaitobi to lead its legal team in the first of
three inquiries it is likely to face for its work for the Gupta family.
Getty
Advocate Tembeka Ngcukaitobi (L).
KPMG has hired legal firepower by
drafting advocate Tembeka Ngcukaitobi onto its team as it began fighting
the first of a likely three inquiries into its role in facilitating the
Gupta family's empire of corruption in Johannesburg on Thursday.
The Ntsebeza commission of inquiry headed by veteran lawyer and
acting judge Dumisa Ntsebeza and commissioned by the South African
Institute of Chartered Accountants (SAICA) will probe whether KPMG
accountants and auditors violated the industry's ethical code of
conduct.
If the eight KPMG executives axed by the professional services firm
for lax professional standards are now found guilty by SAICA, they could
lose their licence to practice. This is a severe sanction.
KPMG is one of five multinationals, which have been tainted by their association with the Gupta family.
KPMG is also facing a lawsuit by South African Revenue Service (SARS)
staff who lost their jobs after an investigation into an alleged rogue
unit was used as part of the arsenal to purge them by the SARS
commissioner Tom Moyane.
KPMG has subsequently recanted the report and returned R23-million it
received as fees to the tax authority but the SARS executives including
former deputy commissioner Ivan Pillay have still not got their jobs
back.
PA Archive/PA Images
A general view of the KPMG building in Canary Wharf, London.
In addition to the Ntsebeza inquiry, KPMG is also facing a more
muscular investigation into its conduct by the Independent Regulatory
Board for Auditors and it is likely to also appear before the Judicial
Commission of Inquiry into state capture headed by deputy chief justice
Raymond Zondo.
KPMG is one of five multinationals, which have been tainted by their
association with the Gupta family. Yesterday the software company SAP
admitted it had paid R128-million to companies associated with the
Guptas in order to win big government contracts. Three executives of the
South African office had been axed and the company had reported itself
to the US Department of Justice.
The other multinationals, which took a Gupta dive, are Bell Pottinger, McKinsey and Multichoice.
Ntsebeza's probe into KPMG is likely to be completed by the end of
April. He is assisted by a heavyweight team including advocate Vuyani
Ngalwana, the CEO of the Institute of Internal Auditors Claudelle van
Eck, the former Accountant-General at the National Treasury Freeman
Nomvalo and Bobby Johnston, the former chairperson of the Johannesburg
Stock Exchange.
The SAICA probe will scrutinise the conduct of KPMG staff who are its
members. KPMG is likely to testify that it believes its staff did not
engage in anything illegal and that there was no corruption in its work
on various Gupta accounts. But it will confirm its internal
investigation's finding that a number of staff failed in their
professional standards.
From: www.huffpost.com
The Guptas have done a lot of damage to our country. Some of the people are on the edge of losing their jobs. I do not even know why they are still roaming around why the caused this much pain.
These people they want to make sure that they destroy our country. Why are they doing this, they have done a lot of damage to this country and they are still continuing.
Guptas have corrupted our country, and what did we do to prevent all the damage? Nothing, we folded our arms and watched them getting away with corruption.
These Guptas are so clever they want to go down the drain pulling most of SAs companies, they are very much tempting because they know they have all the money in the world to give in which these companies cannot resist.
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These people they want to make sure that they destroy our country. Why are they doing this, they have done a lot of damage to this country and they are still continuing.
ReplyDeleteI really respect the KPMG company I hope that they haven`t gotten themselves into illegal things.
ReplyDeleteGuptas have corrupted our country, and what did we do to prevent all the damage? Nothing, we folded our arms and watched them getting away with corruption.
ReplyDeleteI think this is what made students to leave the SAICA program.
DeleteThe GUPTAS have corrupted our country
ReplyDeleteGUPTAS these people need to be punished.
ReplyDeleteGUPTAS have corrupted our country , yet no actions have been done.
ReplyDeleteGUPTAS have corrupted our country and aftr all no actions took place about them...#annoyed
ReplyDeleteThese Guptas are so clever they want to go down the drain pulling most of SAs companies, they are very much tempting because they know they have all the money in the world to give in which these companies cannot resist.
ReplyDelete