KPMG under scrutiny about Gupta involvement, as clients jump ship
The Institute of Directors in Southern Africa has temporarily suspended all co-branded activities with KPMG
The board of the Institute of Directors in Southern Africa (Iodsa) has temporarily suspended all co-branded activities with KPMG, while a review of work done for the controversial Gupta family is conducted. Iodsa said this included a move to drop KPMG as sponsor for its golf day and involvement in the Audit Committee Forum. KPMG has come under fire for the role it played in the audit of Gupta-owned Linkway Trading, which was allegedly used to channel R30m of taxpayers’ money to fund the Guptas’ 2013 Sun City wedding. The money was to have been used for the upliftment of indigent farmers in the Free State. This has spurred some of KPMG’s clients to drop the audit firm because of the controversy. In July, Sygnia Asset Management announced it was breaking ties with KPMG after a meeting between its CEO, Magda Wierzycka, and the audit firm’s partners at which she attempted to ascertain how KPMG could have missed "a big money-laundering exercise" related to the financing of the infamous G...
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