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Thread: KPMG SA CEO, 7 others quit on #GuptaLeaks fallout

  1. #1

    Default KPMG SA CEO, 7 others quit on #GuptaLeaks fallout

    http://www.fin24.com/Companies/Finan...llout-20170915

    Cape Town - KPMG CEO Trevor Hoole, COO Steven Louw, chairperson Ahmed Jaffer and five senior executives have resigned and the auditor has withdrawn its SARS rogue unit report.

    “Steven and I have taken the decision to step down, in the best interests of the firm as it rebuilds and moves forward. I absolutely understand that ultimate responsibility lies with me. KPMG South Africa is a firm of hugely talented people and I believe it is the right thing for me to stand down and allow a new CEO to restore public trust and build a firm that once again sets the standard for quality and ethics,” said Hoole.

    Nhlamu Dlomu has been appointed to succeed Hoole, the firm said in a statement on Friday.

    “KPMG South Africa has decided to take disciplinary action seeking dismissal in relation to Jacques Wessels, the Lead Partner on the audits of the non-listed Gupta entities,” the firm said.

    “To be clear, the evidence in the documentation provided to KPMG South Africa does not support the interpretation that Mr Gordhan knew, or ought to have known, of the ‘rogue’ nature of this unit.”

    “In addition to the R23m fee for the SARS report referred to above, KPMG South Africa will also make a donation of R40m into education and anti-corruption not for profit organisations. The R40m figure is based on the total fees earned from Gupta related entities to which KPMG South Africa provided services from 2002.”

    This is a breaking story.

  2. #2
    Super Grandmaster cerebus's Avatar
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    Is this to blame for the slumping rand this morning?

  3. #3
    Super Grandmaster ToxicBunny's Avatar
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    More like you guys have stepped down in the hopes of avoiding charges....
    Quote Originally Posted by Korn1 View Post
    I have been called a retard my whole life

  4. #4

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    Quote Originally Posted by cerebus View Post
    Is this to blame for the slumping rand this morning?
    No, the strengthening dollar.

  5. #5

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    Quote Originally Posted by ToxicBunny View Post
    More like you guys have stepped down in the hopes of avoiding charges....
    Agreed.

  6. #6

  7. #7

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    more evidence that the private sector is as corrupt as the public
    Quote Originally Posted by Beerisgood View Post
    Godammit if I meet you I'll eat your eyes out for dinner.

  8. #8

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    Quote Originally Posted by saturnz View Post
    more evidence that the private sector is as corrupt as the public
    Public sector can't be corrupt all by themselves, they need a greedy private sector to come to the party too...

  9. #9

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    Quote Originally Posted by konfab View Post
    I hear the ghost of Arthur Andersen in the background...
    It would be interesting to see the fallout suffered by KPMG internationally if they were kicked out of SA.

    If your auditing firm was kicked out of a country far away, you might think it's a very good idea to ditch them in your own country. Would be hilarious if some idiots in SA brought down such a massive company.

  10. #10

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    Quote Originally Posted by sox63 View Post
    Public sector can't be corrupt all by themselves, they need a greedy private sector to come to the party too...
    it works the other way round actually, that's how lobbying works
    Quote Originally Posted by Beerisgood View Post
    Godammit if I meet you I'll eat your eyes out for dinner.

  11. #11
    Super Grandmaster NarrowBandFtw's Avatar
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    Quote Originally Posted by Bryn View Post
    Would be hilarious if some idiots in SA brought down such a massive company.
    Would be poetic justice.
    none so blind as those who refuse to see

    http://lucidramble.com

  12. #12
    Derailment Squad ShaunSA's Avatar
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    KPMG South Africa is a firm of hugely talented people
    Who are easily bought off with wedding invites.

  13. #13

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    Quote Originally Posted by saturnz View Post
    it works the other way round actually, that's how lobbying works
    It's one of those "which came first, the egg or the chicken?" debate for another day.

  14. #14

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    Quote Originally Posted by saturnz View Post
    more evidence that the private sector is as corrupt as the public
    Sadly, its everywhere. You want business? Its not about the price of your product, big or small, its how much you can give the guy making the decision whether to do business with you or not.

  15. #15
    Super Grandmaster NarrowBandFtw's Avatar
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    Quote Originally Posted by sox63 View Post
    It's one of those "which came first, the egg or the chicken?" debate for another day.
    P. J. O'Rourke:
    When buying and selling are controlled by legislation, the first things to be bought and sold are legislators.
    The main culprit is the government, they're the enablers of corruption.
    none so blind as those who refuse to see

    http://lucidramble.com

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