FOREIGN INVESTMENT
Accounting scandals dent SA’s image, says Kimi Makwetu
The auditor-general cites irregularities and scandals, such as those at Steinhoff, VBS Bank and Tongaat Hulett, as tarnishing SA’s image
06 June 2019 - 13:46
Auditor-general Kimi Makwetu has called for trust in the professions to be restored to help SA attract much-needed foreign investment, following a string of accounting scandals thatcalled into question local auditing standards.
He said accounting scandals at global retailer Steinhoff, VBS Mutual Bank and most recently sugar producer Tongaat Hulett, along with problems at state power utility Eskom and state asset manager the Public Investment Corporation (PIC) had dented SA’s image as a credible investment destination for local and global investors looking to park their money...
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