Nine KPMG ex­ecs forced to leave over Gupta saga

Daily Dispatch - - News - By GRAEME HOSKEN

NINE se­nior ex­ec­u­tives from the au­dit­ing firm KPMG have been forced to re­sign in a fall-out over the com­pany’s in­volve­ment with the con­tro­ver­sial Gupta fam­ily.

The nine in­clude the firm’s chief ex­ec­u­tive of­fi­cer‚ Trevor Hoole‚ and chief op­er­at­ing of­fi­cer and coun­try risk man­ager‚ Steven Louw. The oth­ers are:

KPMG SA board chair­man Ahmed Jaf­fer;

Au­dit and board mem­ber Mike Oddy;

Head of tax and board mem­ber Muham­mad Saloo­jee;

For­mer head of foren­sic and board mem­ber Her­man de Beer;

Head of deal ad­vi­sory Jo­han Geel; and

Risk man­age­ment partner for deal ad­vi­sory Mickey Bove.

KPMG South Africa is also purs­ing dis­ci­plinary ac­tion and seek­ing the dis­missal of Jac­ques Wes­sels‚ the lead partner on the au­dits of the non­listed Gupta en­ti­ties.

But KPMG has in­sisted it was not in­volved in any crim­i­nal ac­tiv­i­ties.

“We were only the do­ers‚” KPMG SA in­terim chief op­er­at­ing of­fi­cer An­drew Cranston told re­porters in Johannesburg yes­ter­day.

The an­nounce­ment was made as KPMG con­cluded its in­ter­na­tional in­ves­ti­ga­tion into the com­pany’s han­dling of all its Gupta-linked ac­counts.

KPMG is one of four in­ter­na­tional firms which have launched ma­jor in­ves­ti­ga­tions into their work with the Gup­tas.

The oth­ers in­clude con­sul­tancy firm McKin­sey, busi­ness sys­tems com­pany SAP, and dis­graced UK pub­lic re­la­tions firm Bell Pot­tinger.

Cranston said the com­pany would pay all the money which it had made from the Gup­tas to civic or­gan­i­sa­tions and causes in South Africa.

He said they would ex­plain shortly how the money would be paid over to so­ci­ety. — DDC

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