15th September 2017
KPMG CEO Trevor Hoole, chief operating officer Steven Louw, chairperson Ahmed Jaffer and five senior executives have resigned and the auditor has withdrawn its South African Revenue Service (SARS) “rogue unit” report. The development follows an investigation by KPMG International, which was launched after pressure mounted on the auditor… Read More
15th September 2017
Barclays Africa is reviewing its relationship with KPMG as the auditing firm comes under scrutiny for work on behalf of South African companies linked to the politically connected Gupta family. The nation’s largest lenders, including Barclays Africa’s Absa unit, last year closed bank accounts of businesses tied to the family,… Read More
15th September 2017
The Financial Conduct Authority has denied the Treasury Committee’s request to publish a report into the treatment of business customers by state-owned Royal Bank of Scotland. Problems were first noted in November 2013, when Lawrence Tomlinson, then Entrepreneur in Residence at the Department for Business, Innovation and Skills, made a… Read More
15th September 2017
One of China’s biggest Bitcoin exchanges has said it will stop trading, after a government warning over virtual currencies. BTCC said it would stop buying and selling on 30 September in response to tightening regulation. Read More
14th September 2017
Amazon and eBay have been accused of putting UK companies out of business by turning a blind eye to widespread tax fraud by foreign companies and organised criminals using their platforms. Experts told the Commons Public Accounts Committee on Wednesday that companies, which are based in countries including China and… Read More
14th September 2017
The credit report provider Equifax has been accused of a fresh data security breach, this time affecting its Argentine operations. Cyber-crime blogger Brian Krebs said that an online employee tool used in the country could be accessed by typing “admin” as both a login and password. Read More
13th September 2017
Rising gold prices and government measures to enforce compliance in the Indian jewellery industry are deadening demand in the world’s second-largest bullion market at the start of the traditional festival season when buying usually explodes. “If you ask me, I wouldn’t purchase gold even if it was Diwali,” Prathamesh Mallya,… Read More
13th September 2017
Indonesia has issued new regulations aimed at curbing money laundering and terror-related financing across a broader range of financial service providers, including money changers, credit card issuers and electronic money providers. The move is part of efforts by Indonesia to bring rules up to international standards and join the Financial… Read More
13th September 2017
Brazil’s top court has authorised a new corruption and money laundering investigation of President Michel Temer. Supreme Court Justice Luis Roberto Barroso ruled there is sufficient evidence to investigate whether Mr Temer signed a decree in May 2017 to favour a company operating in the port of Santos in exchange… Read More
13th September 2017
JP Morgan Chase boss Jamie Dimon has levelled one of the harshest criticisms about bitcoin and the broader digital-currency sector to date, saying “Bitcoin will eventually blow up. It’s a fraud. It’s worse than tulip bulbs and won’t end well.” Speaking at a banking industry conference organized by Barclays, Dimon… Read More