Global firms KPMG, McKinsey and SAP face charges
The Companies and Intellectual Property Commission's move will cause considerable reputational damage
The Companies and Intellectual Property Commission (CIPC) has laid criminal complaint with the police against audit firm KPMG, consulting firm McKinsey and software giant SAP in a move that is set to cause the three global service providers considerable reputational damage. In 2017, the CIPC was instrumental in Dudu Myeni’s removal as SAA chairwoman after the CIPC’s decision to challenge her for contravening sections of the Companies Act. The move by the CIPC, which regulates the Companies Act, is the first criminal complaint laid by a regulator against the three companies as a result of their Gupta-related activities. In the case of KPMG and McKinsey, many of whose wealthy clients have suspended ties until the outcome of various investigations, the move represents a major blow to hopes of a speedy resolution. On Tuesday, the CIPC confirmed that after an investigation into the contents of the leaked Gupta e-mails that it launched in July 2017, it decided in November to open a crimin...
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