KPMG SA CEO, 7 others quit on #GuptaLeaks fallout

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http://www.fin24.com/Companies/Fina...-7-others-quit-on-guptaleaks-fallout-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Trevor Hoole, COO Steven Louw, chairperson Ahmed Jaffer and five senior executives have resigned and the auditor has withdrawn its SARS rogue unit report.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.
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More like you guys have stepped down in the hopes of avoiding charges....
 
more evidence that the private sector is as corrupt as the public
 
saturnz said:
more evidence that the private sector is as corrupt as the public
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Public sector can't be corrupt all by themselves, they need a greedy private sector to come to the party too...
 
konfab said:
I hear the ghost of Arthur Andersen in the background...
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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.
 
sox63 said:
Public sector can't be corrupt all by themselves, they need a greedy private sector to come to the party too...
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it works the other way round actually, that's how lobbying works
 
saturnz said:
more evidence that the private sector is as corrupt as the public
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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.
 
NarrowBandFtw said:
Would be poetic justice.
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It would seem that way but that would also leave many innocent people unemployed and all those families affected which is not justice. I would rather see those who are directly involved brought to justice.
 
saturnz said:
more evidence that the private sector is as corrupt as the public
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Except really bad things happen to the private sector people who are corrupt because shareholders are ruthless.. Capitalism takes over and they get chopped up and liquidated.

With the public sector, they just get their buddies in Parliament to approve of a R10bn loan that is stolen from taxpayers. And nothing happens.

Maybe if we didn't have a government that didn't involve itself in every facet of society we would have the type of system where crime doesn't pay.
 
purpleheart said:
It would seem that way but that would also leave many innocent people unemployed and all those families affected which is not justice. I would rather see those who are directly involved brought to justice.
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What happened when AA went down is that it was chopped up and bought by its competitors.
 
purpleheart said:
It would seem that way but that would also leave many innocent people unemployed and all those families affected which is not justice. I would rather see those who are directly involved brought to justice.
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It is still justice, KPMG, the legal entity, willingly made a huge mistake / committed crimes against a nation. The only justice for that would be the end of the entire KPMG.

Sure there will be regrettable side effects, those side effects are still KPMG's doing though, the newly unemployed can direct their righteous wrath directly at KPMG.
 
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