EDITOR’S LUNCHBOX: Stain of state capture hard to wash off
Clients that KPMG has lost due to its Gupta association may grow to include Nedbank, and Vunani suffers a 58% share price crash on Friday
Stories of note
Bytes from the digital world
The accounts done for Venda Building Society (VBS) Mutual Bank by internal auditor PwC and external auditor KPMG "contain material misstatements and are no longer considered to be reliable", the collapsed bank’s curator has found.
Clients that KPMG has lost due to its association with the Gupta family may grow to include Nedbank, once the bank’s divorce from Old Mutual is done.
In my opinion
Matters of debate
Cleaning up after state capture is turning out to be difficult, and audit firm KPMG is having the most difficulty, writes Carol Paton.
The New York Times explains to its readers how South African taxpayer money promised to emerging dairy farmers paid for the Guptas’ wedding.
The long and the short of the markets
Vunani, a black-owned financial services boutique which stood to earn a R29m advisory fee from the initial public offering of Sagarmatha Technologies, suffered a 58% share price crash on Friday after the JSE refused to allow Iqbal Surve’s group to list with financial statements that had not been updated in two years.
Vedanta’s poker-faced executive chairperson Anil Agarwal has bought options to a 21% stake in London-based diversified miner Anglo American through his family-owned company. Now he has hired AngloGold Ashanti CEO Srinivasan Venkatakrishnan.
Graph of the day
China’s economy grew at a slightly faster-than-expected pace of 6.8% in the first quarter, buoyed by strong consumer demand, healthy exports and robust property investment.