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UPDATE 1-South Africa's auditing regulator refers KPMG to disciplinary hearing

Tue 27th February, 2018 9:08am
(Adds quote, detail) 
    CAPE TOWN, Feb 27 (Reuters) - South Africa's Independent 
Regulatory Board for Auditors (IRBA) has referred KPMG to a 
disciplinary hearing following an investigation of its work for 
Linkway Trading, a project management firm owned by friends of 
former President Jacob Zuma. 
    Linkway Trading was a project management company in the 
Gupta-owned Oakbay Group. The Gupta brothers have been accused 
of using their links with Zuma to get lucrative tenders and 
influence cabinet appointment. 
    The Guptas and Zuma have denied any wrongdoing. 
    KPMG has previously refuted allegations that it was involved 
in, or condoned, any alleged money laundering activities linked 
to Linkway Trading. 
    "The disciplinary advisory committee resolved that the 
registered auditor must be referred to a disciplinary hearing," 
said Bernard Agulhas, IRBA's chief executive, in response to 
questions from Reuters. 
    He said hearing preparations were underway and that possible 
dates would be set down in due course.*:nL8N1P737F 
    Agulhas said in terms of South Africa's Auditing Professions 
Act, KPMG could face sanctions ranging from a light caution or 
reprimand to the severest punishment, being struck from the 
register of auditors. 
    KPMG is one of several high-profile international companies 
facing questions about its work for the Indian-born Gupta 
    A number of companies, including the African arm of German 
insurer Munich Re  MUVGn.DE  and local ones such as Sasfin 
 SFNJ.J  and Hulisani  HULJ.J , said last year they would drop 
KPMG as their auditor. 
 (Reporting by Wendell Roelf; Editing by James Macharia) 
 ((; +27 21 461 3523;)) 
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