Join us now. It is free, and it takes less than 1 minute to register.
Register now
Subscribe to our daily newsletter. It is free, and it comes with many benefits.


+ Reply to Thread
Page 3 of 13 FirstFirst 1234567 ... LastLast
Results 31 to 45 of 184

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

  1. #31
    Super Grandmaster supersunbird's Avatar
    Join Date
    Oct 2005
    Location
    Garsfontein, Pretoria
    Posts
    37,384

    Default

    Quote Originally Posted by purpleheart View Post
    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.
    This is kind of like mob justice unfortunately, just like Bell Pottinger where there are obviously also innocent employees, the captured NPA won't prosecute anyone, so the society needs to exact justice itself and due to it's nature can't apply selective precision justice and thus there is more collateral damage.
    Quote Originally Posted by saor View Post
    saor is a dumbass

  2. #32

    Default

    Quote Originally Posted by supersunbird View Post
    This is kind of like mob justice unfortunately, just like Bell Pottinger where there are obviously also innocent employees, the captured NPA won't prosecute anyone, so the society needs to exact justice itself and due to it's nature can't apply selective precision justice and thus there is more collateral damage.
    Let's hope that their employees jump ship in huge numbers that in itself would be a kind of justice.

  3. #33
    Super Grandmaster evilstebunny's Avatar
    Join Date
    Dec 2007
    Location
    It's my world, you're just living in it.
    Posts
    15,865

    Default

    Quote Originally Posted by patrick123 View Post
    A small change of words, but thanks Johnny Cash.

    Greed is a burnin' thing
    And it makes a fiery ring
    Bound by wild desire
    I fell into a ring of fire

    I fell into a burnin' ring of fire
    I went down, down, down
    And the flames went higher
    And it burns, burns, burns
    The ring of fire, the ring of fire
    Incidently, it was just thinking that necklacing might be the ideal deterrent for the shenanigans of these dodgy CEO types..

  4. #34
    Super Grandmaster skeptic_SA's Avatar
    Join Date
    Apr 2015
    Location
    -26.086102, 28.003336
    Posts
    8,178

    Default

    Quote Originally Posted by R13... View Post
    So that SARS forensic may have been ordered by their capturers to tar Pravin?
    Name:  you-dont-say.jpg
Views: 404
Size:  48.5 KB
    [O|||||||O]

  5. #35

    Default

    Quote Originally Posted by konfab View Post
    They are one and the same given the public sector is accountable to parliament and is controlled by the executive.
    then you do not know who controls governments
    Quote Originally Posted by Beerisgood View Post
    Godammit if I meet you I'll eat your eyes out for dinner.

  6. #36

    Default

    Quote Originally Posted by Bryn View Post
    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.
    Nothing is going to happen. Similar stuff has happened before in Asia. Worst case scenario they close shop in that country. I very much doubt that will happen in SA

    Bigger risk here for them is that the US gov nails them with fines that side. And well obviously SA KPMG is going so suffer regardless of what happens

    Quote Originally Posted by Cius View Post
    AA did not change much. At that point the auditing firms realised that one idiot director misbehaving in Ghana could bring down a firm if the fine was big enough, as auditing firms were jointly and severally liable. In other words each partner collectively carries the cost of any failure by any other partner. So one large one went the the UK government and said we want to amend the rules so that we are individually liable, not collectively. UK laughed in their face and said no, it will keep you honest. So then they went to one of those channel islands, Guernsey I think, and said hey Guernsey, we will move our HQ to you if you change this one little law for us. Guernsey said sounds awesome and lucrative, thing is we don't even know how to draught a law like that. Big auditing firm says no prob, we will write it for you, which they do. Guernsey passes the law. Auditing firm being backstabbing bastards they are go back to UK government and says hey, if you don't change the law we move our HQ and tens of thousands of jobs out of London and into Guernsey. The law is already in place there. UK folds and passes law too.
    Source to back ANY of that?

    1. The partnerships are usually split by region, not globally. So Ghana partners have nothing to do with UK aside from belonging to the same network
    2. Pretty sure Guernsey has collectively liability still as does UK. Having a named auditor doesn't change that
    3. Nobody is moving "tens of thousands of jobs into Guernsey". LOL. That's not even credible as a bluff
    Quote Originally Posted by Rouxenator View Post
    I microwaved the socks for a bit and they are fine now.

  7. #37

    Default

    Quote Originally Posted by saturnz View Post
    more evidence that the private sector is as corrupt as the public
    Yeah so when is Zuma stepping down?
    Theres so many different worlds
    So many differents suns
    And we have just one world
    But we live in different ones

  8. #38
    Grandmaster Cius's Avatar
    Join Date
    Jan 2009
    Location
    Johannesburg
    Posts
    3,208

    Default

    Quote Originally Posted by HavocXphere View Post
    Nothing is going to happen. Similar stuff has happened before in Asia. Worst case scenario they close shop in that country. I very much doubt that will happen in SA

    Bigger risk here for them is that the US gov nails them with fines that side. And well obviously SA KPMG is going so suffer regardless of what happens


    Source to back ANY of that?

    1. The partnerships are usually split by region, not globally. So Ghana partners have nothing to do with UK aside from belonging to the same network
    2. Pretty sure Guernsey has collectively liability still as does UK. Having a named auditor doesn't change that
    3. Nobody is moving "tens of thousands of jobs into Guernsey". LOL. That's not even credible as a bluff
    Chapter 6 shows that the Jersey government has hired itself out to
    accountancy firms. It enacted the Limited Liability Partnership (LLP) legislation
    at the behest of Ernst & Young and Price Waterhouse to enable them to reduce
    their liabilities to stakeholders injured by poor audits. The auditing industry used
    Jersey’s laws as a lever to squeeze liability concessions from the UK government.
    In common with other tax havens, Jersey is interfering in regulatory and tax
    matters of other jurisdictions
    from link: https://www.taxjustice.net/cms/uploa...ens_FEB-02.pdf

    There have been some books written on this topic, that was just the result of a quick google search. It is however a well established fact that PWC and others used Jersey (sorry, not Guernsey, my memory failed me) to leverage concessions out of the UK around liability.
    Those who do not learn from history are doomed to repeat it.

  9. #39
    Grandmaster SweetFennyAdams's Avatar
    Join Date
    Jan 2013
    Location
    Hamilton New Zealand
    Posts
    1,807

    Default

    Now the Independent Regulatory Board of Auditors and other professional licensing bodies must de-register those fired and hopefully SARS will come after them in their private capacities for signing off on false tax declarations on behalf of their clients. Those 9 have just kissed their entire future careers away. They'll NEVER get jobs in the auditing, financial sector again.

    I was recently informed that a lot of the international money laundering the Guptas have allegedly been involved in has involved large amounts of US Dollars. The US Department of Justice's Kleptocracy Asset Recovery Initiative has banned this practice worldwide. Non-US corporations and foreign nationals can be subject to prosecution under US federal anti-money laundering statutes if they are involved in the transfer or attempted transfer of illegally obtained US dollars used to further criminal activity.
    Last edited by SweetFennyAdams; 15-09-2017 at 03:21 PM.
    Ordinary morality is only for ordinary people.

  10. #40

    Default

    I can't stop thinking about how disastrous this is for South Africa's reputation. If international investors see a trend of corruption and cannot trust even the most senior staff why would they want to invest here. Sold out!

  11. #41
    Super Grandmaster
    Join Date
    May 2004
    Location
    Durban
    Posts
    10,486

    Default

    I don't know but am really asking those in the auditing profession;

    So KPMG issue that SARS report which has been poison to honest folks and manna from heaven for the seemingly corrupt.

    Now they retract the report, years later, saying 'Oh you misinterpreted it'??

    Did KPMG lose their voice since the release of the report till now? Those that issued that report, and the events that followed, and time frame involved, surely at some point in time they could have issued a statement saying that that was not what the report was saying?
    Last edited by Sneeky; 15-09-2017 at 08:05 PM.
    "How do you keep an ANC official sober?
    You ask them to run a piss-up in a brewery."
    Bruce Gorton, TheTimes

  12. #42

    Default

    Quote Originally Posted by Sneeky View Post
    I don't know but am really asking those in the auditing profession;

    So KPMG issue that SARS report which has been poison to honest folks and manna from heaven for the seemly corrupt.

    Now they retract the report, years later, saying 'Oh you misinterpreted it'??

    Did KPMG lose their voice since the release of the report till now? Those that issued that report, and the events that followed, and time frame involved, surely at some point in time they could have issued a statement saying that that was not what the report was saying?
    That report was used to oust many good people at SARS. From their POV it has served its purpose.
    Theres so many different worlds
    So many differents suns
    And we have just one world
    But we live in different ones

  13. #43
    Super Grandmaster
    Join Date
    Jul 2011
    Location
    Durban
    Posts
    5,274

    Default

    Quote Originally Posted by Ancalagon View Post
    Bell Pottinger has already been basically destroyed because of their involvement in corrupt activities here. Maybe the same will happen to KPMG? We can only hope.

    KPMG South Africa is probably finished. They have destroyed any trust in them. Only Guptas and ANC members will trust them now.

    And this should affect KPMG head office too.
    They must get out of our country , the damage they did to SARS is immeasurable , the morale of the staff was destroyed .
    If it walks like a duck and kwaks like a duck ..its a duck
    Full consciousness will come to very few people in their life time .

  14. #44

    Default

    Quote Originally Posted by Cius View Post
    from link: https://www.taxjustice.net/cms/uploa...ens_FEB-02.pdf

    There have been some books written on this topic, that was just the result of a quick google search. It is however a well established fact that PWC and others used Jersey (sorry, not Guernsey, my memory failed me) to leverage concessions out of the UK around liability.
    Interesting. Ended up reading up on it and UK is now the weakest of the three. Jersey & Guernsey have jointly & severally liable while UK omitted the severally part.
    Quote Originally Posted by Rouxenator View Post
    I microwaved the socks for a bit and they are fine now.

  15. #45

    Default

    Quote Originally Posted by purpleheart View Post
    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.
    Let's get Knyro some scrap tyres and a 5l petrol
    Intel 486 DX2 66MHz
    16MB RAM (4x4MB)
    Tseng 4000 1MB 256
    512MB HDD
    Creative Sound Blaster 16
    Creative Quad Speed CD-ROM
    14" Tatung VGA 800x600
    Windows 95

+ Reply to Thread
Page 3 of 13 FirstFirst 1234567 ... LastLast

Similar Threads

  1. KPMG suffers another blow on #GuptaLeaks fallout
    By skeptic_SA in forum News and Current Affairs
    Replies: 0
    Last Post: 07-09-2017, 04:01 PM
  2. #Guptaleaks | Ep 3: All the President's (Wo)men
    By Sneeky in forum News and Current Affairs
    Replies: 1
    Last Post: 29-07-2017, 11:33 AM
  3. #GuptaLeaks: The Dubai Laundromat – KPMG saw no evil at wedding
    By OrbitalDawn in forum News and Current Affairs
    Replies: 48
    Last Post: 02-07-2017, 10:58 PM
  4. Replies: 7
    Last Post: 14-07-2015, 07:29 PM
  5. Quit DStv repeats or we will quit you
    By Kevin Lancaster in forum Broadband and IT News
    Replies: 106
    Last Post: 11-05-2015, 04:33 PM

Bookmarks

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •