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

  1. #166

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    Quote Originally Posted by surface View Post
    I too don't understand this. Previous non-black and non-female CEO took KPMG to dizzying heights and she is now completely going to mess it up?
    1. I don't know how competent she will be at managing a big company. I know nothing of her background. So I can't say.
    2. I don't care about her skin colour, but in this case it appears she is a political appointment.
    They made a decision that it would be harder for the government and other businesses to act against a newly appointed black female.
    3. My opinion is based on what another person said, she isn't qualified.
    This is very strange and points to her being only a political appointment.
    Just to get a foot in the door at a auditing firm like KPMG you need a CA, I would be truly amazed if they appoint other senior management without this degree and I'm sure if they really wanted a black woman they could have found one that's qualified.

  2. #167

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    Quote Originally Posted by rietrot View Post
    3. My opinion is based on what another person said, she isn't qualified.
    This is very strange and points to her being only a political appointment.
    Just to get a foot in the door at a auditing firm like KPMG you need a CA, I would be truly amazed if they appoint other senior management without this degree and I'm sure if they really wanted a black woman they could have found one that's qualified.
    Brief background:
    https://www.dailymaverick.co.za/arti...of-a-nosedive/

    She is not an auditor but has over 17 years' experience in management consulting. She was, until she accepted this massive new task, voluntarily she adds, KPMG South Africa's Head of People and Change.

    “While I am not an auditor I have capably managed teams in a leadership position. I have had sleepless nights since Friday thinking about the way we work and how it has to change fundamentally, but it is a challenge I am up to.”
    Seems to be into metaphors:

    Dlomu said the appointment by KPMG global of a new team of executives, including Andrew Cranston (member of KPMG Netherlands 'management board) as interim chief operating officer as well as other senior appointments would help her to fly and land the KPMG plane safely.

  3. #168
    Super Grandmaster Bizkit87's Avatar
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    SO, are there going to be any fraud, money laundering , perjury charges against any of the 8? So far they've only gotten a golden handshake...

  4. #169

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    Quote Originally Posted by Bizkit87 View Post
    SO, are there going to be any fraud, money laundering , perjury charges against any of the 8? So far they've only gotten a golden handshake...
    Position in government probably. Somewhere cozy like Ambassador to Jamaica or something. Number One rewards those who protect him.

  5. #170
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    She is not an auditor but has over 17 years' experience in management consulting. She was, until she accepted this massive new task, voluntarily she adds, KPMG South Africa's Head of People and Change.
    Jayzuz ... a Human Restraints head .....
    I guess they reckon when the facts of KPMG's wrong-doing are finally laid on the table she can at least go with all the warm, fuzzy, touchy feely stuff about how all the poor employees would suffer should the firm be sanctioned
    When did ignorance become a point of view ?.

  6. #171
    Super Grandmaster Cray's Avatar
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    Another one gone...

    http://www.fin24.com/Companies/Finan...xodus-20171006


    Johannesburg - AVI , a South African distributor of consumer goods, will stop using KPMG as an external auditor after the accounting firm admitted to falling short of its own standards when doing work for the politically connected Gupta family.

  7. #172

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    Quote Originally Posted by McSack View Post
    ... a Human Remains head .....
    I guess they reckon when the facts of KPMG's wrong-doing are finally laid on the table she can at least go with all the warm, fuzzy, touchy feely stuff about how all the poor employees would suffer should the firm be sanctioned
    FTFY

  8. #173

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    Quote Originally Posted by Cray View Post
    I would then suggest AVI, Sygnia and other commercial entities dump the government as well. Seeing how KPMG was dumped by SA Parliament just last month, these are the same sycophants in bed with the Guptas. Hypocrisy to the extreme in SA is unbelievable.

  9. #174
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    Default Reserve Bank denies instructing banks on KPMG

    Johannesburg - The South African Reserve Bank (SARB) has denied that it told the country's big four banks that they cannot fire KPMG, stating categorically on Friday that it had not instructed banks on what steps they should or should not take with regards to their contracts with the embattled auditing firm.

    "As stated by Governor Lesetja Kganyago in a statement issued at the Monetary Policy Committee media conference on September 21, the SARB's interest in the KPMG matter stemmed from a public policy perspective, arising from the SARB's mandate to regulate banks and ensure the stability of our financial system," the reserve bank said in a statement.

    "The SARB stated that it would engage banks and auditing firms primarily to understand the context so that it is better placed to manage any potential financial stability risks that may arise from the issues around KPMG. These engagements have taken place but at no point did the SARB instruct banks on how they should deal with KPMG."
    More at: https://www.iol.co.za/news/south-afr...-kpmg-11505951
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  10. #175
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    Default Durban CA sues KPMG Services for R9m

    Durban - Chartered Accountant Vijay Misra says beleaguered auditing firm KPMG ruined his good reputation and his health.

    "Those lost years of my life will never be recovered," says Misra, who is claiming R9m in damages from KPMG Services, the forensic consulting arm of the company.

    Misra is referring to the years 2011 to 2015 when, as the CEO of the KwaZulu-Natal provincial government-funded Ithala Limited, he was first subjected to internal disciplinary proceedings and then, after being dismissed, a "marathon arbitration" before the CCMA.

    The basis of both hearings was a report done by the auditing firm which recommended that he be charged with serious misconduct relating to alleged irregularities around loans advanced by Ithala.

    One, for R85m, was to Nelson Mandela's granddaughter, Nandi Mandela, for what became a failed luxury residential development at Durban's Point Waterfront.

    Another R12m was loaned to Dr May Mkhize, wife of then premier Dr Zweli Mkhize, for a business venture.

    Misra was exonerated of all charges by CCMA commissioner Lester Sullivan who ordered his reinstatement and awarded him R6.5m in backpay - believed to be one of the largest ever awards at CCMA level.

    'False report'

    Misra was paid out, but he did not return to his job.

    He now argues in his damages claim pending before Durban High Court that the whole debacle was at a huge cost, both to himself and the taxpayer.

    Misra alleges that KPMG Services was negligent, produced a "false report" which was then compounded by oral evidence given by one of its directors at the hearings.

    "Ironically, I once worked for the firm...I did my training there," he told News24.

    "Being a Chartered Accountant myself, I expected experts engaged by Ithala to provide direct and clear advice… I was shocked. It was clear throughout that I had done nothing wrong.

    "To make matters worse, KPMG Services were advised by a senior advocate that there was no case. But they still charged Ithala millions of rands to finish the investigation and to testify at both hearings.

    "During cross-examination, at the CCMA it was put to me that the costs to date of the investigations, attorneys and chairpersons' fees amounted to R45m," he said.

    He said the forensic report was "seriously factually incorrect", and "KPMG played politics at best and were negligent or unethical at worst".

    The report, his attorney Bruce MacGregor said, was "compiled with reference to incorrect legislation and regulations".

    "The whole process was damaging to my client. He suffered two heart attacks during the matter, one while he was being cross-examined at the CCMA. I had to rush him to hospital," MacGregor said.

    "These type of forensic reports have been a cause for concern, they cost the earth, are generally not guided by lawyers and are often flawed in law," he said.

    'Concise, accurate and direct evidence'

    Sullivan cleared Misra of all 38 charges of misconduct. He said Misra was a "truly impressive witness in every possible way".

    "He gave concise, accurate and direct evidence of why 'the buck did not stop with him', and gave clear and direct evidence about who was responsible for what."

    Misra initially sued KPMG Incorporated and all 63 of its directors, but has withdrawn his action against them and is now only suing KPMG Services and two of its directors, who have both since left the firm.

    In their pleadings, KPMG denies every allegation and point out that Misra has already been paid R6.5m from Ithala.

    "He has failed to allege that the defendants knew that the alleged misrepresentations, constituting his claim for defamation, were false.

    "We deny that he was suspended, disciplined and dismissed by Ithala solely on the strength of our reports."

    With regards to the defamation claim, they say the CCMA was generally closed to the public and the reports and oral testimony were not "per se defamatory".

    "KPMG made the statements in the discharge of its duties and in the furtherance of the interests of its client. In relation to the oral statements, these were made in the course of quasi-judicial proceedings and were relevant and germane, and reasonably appropriate to the subject matter of those proceedings."

    KPMG's attorney did not respond to a request for comment.

    News24
    http://www.news24.com/SouthAfrica/Ne...r-r9m-20171017
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  11. #176
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    Quite the competent golddigger.
    One cannot make assertions about reality based on philosophy alone. ~ Coyne

  12. #177
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    Quote Originally Posted by rwenzori View Post
    Quite the competent golddigger.
    First thing I thought as well.
    At the slightest hint of "easy money" the worm comes crawling out of the woodwork.

  13. #178
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    Default KPMG inquiry to last 18 months, says IRBA

    The Independent Regulatory Board of Auditors investigation into KPMG’s role in the Gupta state capture allegations could take about 18 months to complete.

    This was confirmed by IRBA spokesperson Lorraine van Schalkwyk on Friday after Independent Media asked the board whether formal charges had been laid against one of KPMG’s former auditors.

    Johan van der Walt, according to KPMG’s own admission, was the author of a report which alleges that former finance minister Pravin Gordhan knew about a “rogue unit” within the SA Revenue Services while national commissioner.

    In his disputed report, Van der Walt said the establishment of the “rogue unit” which was, he said, spying on certain individuals within Sars, was in contravention of the law.
    More at: https://www.iol.co.za/news/politics/...-irba-11651506
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  14. #179
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    Default NMB municipality to cut ties with embattled KPMG

    Port Elizabeth - The Nelson Mandela Bay (NMB) metro will phase out its current contract with auditing firm KPMG in line with a motion and subsequent resolution of a full sitting of the council.

    "It was agreed that the recent ethical scandal surrounding KPMG is ground for concluding the metro's existing contract with the auditing firm," chairman of the council's public accounts committee Lance Grootboom said.

    KPMG currently managed the metro's ethics hotline and its audit and risk plan. The NMB coalition government wanted to ensure that those companies with whom it had existing contracts were beyond reproach, he said.

    "KPMG currently manages the city's audit plan and thus will need to hand this over to internal resources within the next three months.
    More at: https://www.iol.co.za/news/politics/...-kpmg-11651774
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  15. #180

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    Quote Originally Posted by rwenzori View Post
    Quite the competent golddigger.
    Give it a rest. I say nail them.

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