EDITORIAL: Demise of Nkonki is a step backwards
In a country as starved of investment, entrepreneurship and jobs as SA, the loss of one corporate firm is one too many
In a country as starved of investment, entrepreneurship and jobs as SA, the loss of one corporate firm is one too many, as is the loss of one job. SA should try to protect every job, every entrepreneur, every investment.
It is in this context that the demise of audit firm Nkonki Inc, which has announced it will file for voluntary liquidation after the auditor-general cancelled its contracts with state institutions, is regrettable and takes SA backward on many levels. Nkonki is one of those professional outfits that lent their enormous credibility to the state-capture project, a crime against the people. The first point on which Nkonki’s demise is regrettable is that it is one of only a few truly black-owned and managed national audit and accounting firms with, more or less, the capacity to conduct this important work.
The demise of Nkonki, brought about by the greed and unethical conduct of those whose job it was to look after the firm and its employees, removes from the audit profession a key black institution with a proud history of resilience in what has been a hostile environment. But, it must be said, Nkonki should not be the last audit firm or consultancy to die among those who facilitated the looting of public resources. The upstanding and ethical among Nkonki employees should have no problem finding other jobs. Their skills are widely sought-after.