Audit firm Nkonki’s largest office has applied for voluntary liquidation, after the auditor-general’s decision to terminate its contracts with the company scuppered plans by executives to buy out disgraced majority shareholder Mitesh Patel. Nkonki Sunninghill, which employs 180 people, was left with no other option but to voluntarily wind up the company, the firm said in a statement on Monday afternoon issued via its lawyers, Nicqui Galaktiou Inc. The Sunninghill office accounts for nearly half of Nkonki’s nationwide staff complement. It remains to be seen what the effect of that office’s winding up will have on the firm’s other eight branches. Nkonki said the winding-up process could take “several months” and it intended, where possible, to complete outstanding work and ensure clients were not compromised. The liquidation will be viewed as a major blow for transformation in the audit profession. Nkonki is one of a handful of sizeable black-owned audit firms in SA. Patel resigned in...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now