22nd September 2017
On Thursday, the North Gauteng High Court in South Africa dismissed Oakbay’s application to stop the Bank of Baroda closing the accounts of about 20 Gupta-owned companies. As things stand now, the Bank of Baroda is due to pull the plug on Gupta accounts at the end of September. Read More
20th September 2017
Sasfin Holdings, a South African financial services company, said it’s firing KPMG LLP as its independent sponsor and searching for a new auditor, as more businesses announced they were dumping the firm because of work it did for the politically connected Gupta family. Hulisani Ltd., which invests in energy projects,… Read More
19th September 2017
As global companies implicated in a graft scandal in South Africa scramble to contain the damage to their reputations, politicians and law enforcement agencies are prevaricating and stalling official investigations. The scandal has revolved around members of the wealthy Gupta family, who are friends of President Jacob Zuma and have… Read More
18th September 2017
The father of the Bell Pottinger executive at the centre of the South Africa scandal that brought down the City PR firm has resigned from his role as a board member of London-listed pest control and hygiene firm Rentokil Initial. Chris Geoghegan – the father of 34-year-old Victoria Geoghegan who… Read More
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operating officer Steven Louw, chairperson Ahmed Jaffer and five senior executives have resigned and the auditor has withdrawn its South African Revenue Service (SARS) “rogue unit” report.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
14th September 2017
South African President Jacob Zuma’s lawyers conceded in a court hearing that a decision by prosecutors to drop bribery and corruption charges against him in 2009 was irrational, opening up the possibility that they will be reinstated. Zuma’s lawyer gave the concession Thursday before the Supreme Court of Appeal in… Read More
13th September 2017
Fraud victims are being targeted for a second time by con-artists sending letters while posing as the police. The letters suggest that fraud losses can be returned, but request that personal details are sent to a South African bank. Read More
13th September 2017
The Save South Africa campaign has called on corporate South Africa to “urgently review business relations with KPMG.” The advocacy group said it put out the call “in light of ongoing revelations about the audit firm’s central role in facilitating state capture.”… Read More
6th September 2017
The BRICS countries (Brazil, Russia, India, China and South Africa), have committed to intensifying their cooperation against terror financing and money laundering, within the framework established by the United Nations, specifically the Financial Action Task Force (FATF). “We call for swift and effective implementation of relevant UNSC Resolutions and the… Read More