FINANCIAL ACCOUNTABILITY
Gupta wedding audit ethical, says KPMG boss
KPMG strongly denies allegations that it is involved in, or condones, alleged money-laundering activities
KPMG, which audited companies involved in the controversial 2013 Gupta wedding, says that all its actions were in accordance with professional and ethical standards. "Consistent with our values, we have acted with integrity in our dealings with the Oakbay group," said Trevor Hoole, CEO of KPMG Southern Africa. He was responding to the Independent Regulatory Board for Auditors’ announcement on Friday that it would launch an investigation into KPMG’s 2014 audit of Oakbay associate Linkway Trading, which disbursed R30m worth of payments for the lavish wedding. The e-mails describe the complex and circuitous process used to pay for the wedding expenses. Funds were directed from the Free State government to a little-known Free State company, Estina, and on to the Guptas’ Accurate Investments in Dubai, which then forwarded the money to Linkway Trading. The e-mails also indicate that KPMG allowed Linkway Trading to treat the wedding costs as a bona fide business expense. This meant the Gup...
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