Saica lays charges against Anoj Singh

The South African Institute of Chartered Accountants (Saica) has laid charges of misconduct against former Eskom chief financial officer Anoj Singh, who allegedly played a pivotal role in the looting of Eskom by the Gupta family and their associates.

The South African Institute of Chartered Accountants (Saica) has laid charges of misconduct against former Eskom chief financial officer Anoj Singh, who allegedly played a pivotal role in the looting of Eskom by the Gupta family and associates.

The charges follow an extensive investigation by Saica, which regulates accountants. Singh, who faces criminal charges laid by the DA, was also allegedly involved in the Guptas’ capture of Transnet.

Saica has already commissioned the Ntsebeza inquiry to investigate chartered accountants employed by audit firm KPMG, which was implicated through its substandard work for the Gupta family and the South African Revenue Service.

The Independent Regulatory Board for Auditors is probing KPMG’s conduct in relation to its work for Gupta-linked companies and SARS.

Saica alleges that Singh failed to comply with relevant laws and regulations and failed to avoid conduct he knew or should have known might discredit the accountancy profession. He is also charged with disclosing confidential information acquired through professional and business relationships.

In terms of the Saica rules, Singh has 21 days to respond to the charges, after which the matter will be tabled for adjudication before its professional conduct committee.

The committee has the power to caution, reprimand, impose a fine of not more than R250,000 per charge, suspend the accused from membership of Saica for a period not exceeding 12 months or refer a formal complaint against the accused to the disciplinary committee.

Saica alleges that Singh failed to disclose to the Eskom board the true reason for the request by the Gupta-owned Tegeta Exploration and Resources for about R600m from Eskom.