Kgosana quits over Gupta scan­dal

The Star Early Edition - - COMPANIES -

MOSES Kgosana, who was due to take the role of Alexan­der Forbes Group chair­man from the end of Au­gust, with­drew from the po­si­tion af­ter al­le­ga­tions emerged re­lated to his ten­ure as chief ex­ec­u­tive and se­nior part­ner at KPMG South Africa. KPMG failed to raise alarms when busi­nesses con­trolled by the Gupta fam­ily, who are friends of Pres­i­dent Ja­cob Zuma and in busi­ness with one of his sons, di­verted the equiv­a­lent of $3.3 mil­lion (R43.6m) of pub­lic money to pay for a fam­ily wed­ding, ac­cord­ing to emailed com­mu­ni­ca­tion. The au­dit firm has said it never con­doned money laun­der­ing and would co-op­er­ate fully with the In­de­pen­dent Reg­u­la­tory Board for Au­di­tors in their in­ves­ti­ga­tion. “Kgosana felt that the de­mands on his time in the role of chair­man of the com­pany while at­tend­ing to these al­le­ga­tions will in­ter­fere with his de­liv­er­able ex­pec­ta­tions,” Jo­han­nes­burg-based Alexan­der Forbes said in a state­ment yes­ter­day. Chair­man Sello Moloko will stay in the po­si­tion in the in­terim. Kgosana served on the board of the provider of re­tire­ment, in­vest­ment and in­sur­ance ser­vices for the past two years. – Bloomberg

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.