Some of South Africa's top companies are reviewing their relations with KPMG. Picture: Alon Skuy
Some of South Africa's top companies are reviewing their relations with KPMG. Picture: Alon Skuy

Mutual bank Finbond joined the growing list of JSE-listed companies that have fired KPMG over the auditing firm’s association with various state capture scandals.

"The board of directors of Finbond, through the audit, risk, and social and ethics committees, have investigated and assessed the well-publicised, serious concerns with regards to KPMG, as reported in the media as well as communications in response thereto by KPMG," Finbond said in a statement on Thursday, a day after it released its financial results for the year to end-February.

"Given the board’s commitment to good governance, principled and ethical behaviour, the board has resolved that it can no longer justify nor support Finbond’s further association with KPMG."

Mining group Sibanye-Stillwater recently issued a similar statement ahead of its annual general meeting (AGM), saying it would not propose to have KPMG reappointed as its auditor "following the ongoing and more recent VBS Bank developments".

Barclays Africa Group also removed the reappointment of KPMG as one of its auditors from the agenda of its AGM.

Redefine Properties recently told its shareholders: "Subsequent to the AGM and the successful reappointment of KPMG, the board, through the audit and risk committee, has thoroughly assessed the continuing and more recent developments as were communicated by KPMG and reported on in the media.

"As a result of concerns over good governance and ethics compliance, the board has resolved that it is no longer able to support the company's long-term association with KPMG."