A while ago the Competition Commission exposed collusive dealing by major banks in the foreign exchange market. Lately the auditor of these banks, KPMG, allegedly manipulated audit reports in favour of Gupta-owned companies to contravene the Auditing Profession Act in addition to the Companies Act. I smell a rat. KPMG may have ignored the risks of material misstatements by intentional omission. Former US president Grover Cleveland said: "A man is known by the company he keeps, and also by the company from which he is kept out." The former hits the nail on the head. The question is why KPMG executives were willing enablers of such misrepresentation, knowing that it would hurt the firm’s reputation. Clearly, their ties with the Guptas were a symbiotic relationship for fraudulent purposes or with intent to defraud. This being alleged, criminal charges must be laid; no escaping resignation would ward off the premeditated wrongdoing. There is prima facie evidence of corruption that must ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.