Nedbank and Investec pressure KPMG for results of Gupta investigation
The Nedbank Group and Investec Plc are among South African lenders ramping up pressure on KPMG to provide the results of an independent investigation into the work it did for the politically connected Gupta family. Nedbank has "impressed on the new management the urgency with which this needs to be completed", said Raisibe Morathi, chief financial officer at Nedbank Group. "Nedbank has a zero-tolerance for corruption and we expect our service providers and clients to conduct themselves in an ethical manner." Losing an auditing role for one of the country’s biggest banks may have a knock-on effect among other lenders. Last month, KPMG said an internal investigation found its work for companies associated with the Guptas fell short of its own standards. Munich Re of Africa, Sasfin Holdings, Sygnia Asset Management and Hulisani are among companies that have stopped using the firm’s services. KPMG’s probe didn’t find evidence of illegal behaviour or corruption. KPMG’s South African spok...
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