Standard Bank reviews ties with SAP, McKinsey
Standard Bank is reviewing its ties with IT software supplier SAP and consultants McKinsey, due to the risk of fallout by association from the Gupta scandal. SAP and McKinsey are ensnared in the scandal involving the Gupta family, who have been accused by the public protector of using close links to President Jacob Zuma to win lucrative government contracts. The Guptas and Zuma have denied any wrongdoing. Standard Bank said on Friday its CE Sim Tshabalala had met representatives of SAP and McKinsey as well as global auditor KPMG in past weeks. KPMG sacked its local leadership last month over work done for firms owned by the Guptas that an internal investigation found "fell considerably short" of its standards. "We will not continue these relationships unless we receive satisfactory explanations and are certain that necessary and proportionate remedial action is being taken," Standard Bank said in statement. "In each case, we have explained to the supplier in no uncertain terms the d...
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