Picture: REUTERS/MIKE BLAKE
Picture: REUTERS/MIKE BLAKE

KPMG, which has been left reeling by its involvement with the Guptas and the South African Revenue Service (SARS), is this week set to announce the panellists who will conduct an independent investigation into the audit firm’s conduct.

KPMG is also expected to give details about the scope, terms of reference and the estimated duration of the probe.

New KPMG SA CEO Nhlamu Dlomu, who inherited a mess left by her predecessors, said the inquiry would be fully independent and the panel would be led by two experienced senior counsel. The findings of the independent inquiry would be made public.

KPMG, one of the big four audit firms, is in the fight of its life as clients have jumped ship, while its reputation has been battered by its involvement with the Guptas and SARS.

Global consultancy firm McKinsey is also under pressure for its role in facilitating corruption at Eskom in collaboration with the Gupta-associated Trillian. Last week Eskom said it had taken steps to recover money paid to McKinsey and Trillian.

The High Court in Pretoria is set to hand down judgment in the matter involving the bank accounts of Gupta-owned companies. The companies were given a reprieve in September, when the closure of their Bank of Baroda accounts was postponed.

The Bank of Baroda was to pull the plug on the business and loan accounts of the 20 companies on September 30.

The companies approached the High Court in Pretoria to have the main application, meant to be heard in December interdicting the bank from closing their accounts, heard before the deadline for the closure of the accounts. The Bank of Baroda was the last bank to continue offering services to the Guptas following the decision by the big banks to cut ties with the family.

President Jacob Zuma will on Monday open the fifth ordinary session of the fourth Pan African Parliament at Gallagher Convention Centre in Midrand. The Pan African Parliament facilitates the participation of all AU members to fulfil an integrated development trajectory in all the economies on the continent.

The portfolio committee on communication will on Tuesday be briefed by the SABC about its annual report. The report shows that the public broadcaster received an adverse audit opinion from the auditor-general and recorded a R1.1bn loss compared with R593m in 2015-16.

On Wednesday, the standing committee on finance will be briefed by the office of the chief procurement officer. This will be the first parliamentary appearance by new acting chief procurement officer Willie Mathebula after the removal of Schalk Human, who was acting in the position.

phakathib@businesslive.co.za

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