SEL halts au­to­matic reap­point­ment of KPMG

Sunday Observer - - NEWS -

Although it could be ar­gued that the Swazi­land KPMG of­fice is not linked to the neg­a­tive events in­volv­ing KPMG South Africa, it ap­pears that the scan­dal could dent the im­age of the lo­cal au­dit­ing firm.

KPMG in South Africa has been the sub­ject of me­dia and reg­u­la­tory scru­tiny in re­la­tion to pro­fes­sional ser­vices pro­vided to the Oak­bay Group and work per­formed for the South African Rev­enue Ser­vice (SARS).Dur­ing the re­cent Swazi­land Em­pow­er­ment Lim­ited (SEL) an­nual gen­eral meet­ing (AGM) held on Fri­day, some of the com­pany’s share­hold­ers felt that th­ese were se­ri­ous al­le­ga­tions that could not be taken for granted in as far as cor­po­rate gov­er­nance was con­cerned.

The meet­ing agreed to halt auto- matic reap­point­ment of KPMG from next year.

Mean­while, the meet­ing ad­vised the board to pre­pare to ten­der.

“The board will take up the ten­der, eval­u­ate and con­tinue en­gag­ing them if they win,” said SEL Board Chair­per­son Cleopas Dlamini.

Re­spond­ing to the Sun­day Ob­server when the KPMG scan­dal was still a hot is­sue in South Africa, KPMG Manag­ing Part­ner Robert Sithebe said though there was an in-depth in­ves­ti­ga­tion in South Africa, led by KPMG In­ter­na­tional, with the help of in­de­pen­dent le­gal ad­vis­ers, it was im­por­tant to note that while the events in South Africa im­pact the KPMG brand, they do not af­fect any other KPMG net­work mem­ber firm be­cause they re­late to spe­cific South African client ac­tiv­i­ties.

SEL Chair­man Cleopas Dlamini.

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