Hulisani logo

HUL - Hulisani News Story

420¢ 0.0  0.0%

Last Trade - 04/08/20

Market Cap £n/a
Enterprise Value £n/a
Revenue £n/a
Position in Universe th / 0

UPDATE 2-South African regulator refers ex-KPMG employee to disciplinary hearing

Tue 27th February, 2018 6:40pm
(Adds comment from KPMG, details about the case) 
    CAPE TOWN, Feb 27 (Reuters) - South Africa's Independent 
Regulatory Board for Auditors (IRBA) has referred a former KPMG 
employee to a disciplinary hearing after investigating work 
carried out for Linkway Trading, a project management firm owned 
by friends of former President Jacob Zuma. 
    Linkway Trading was a part of the Gupta-owned Oakbay Group. 
The Gupta brothers have been accused of using their links with 
Zuma to secure lucrative tenders and influence cabinet 
appointments. The Guptas and Zuma have denied any wrongdoing. 
    KPMG, which has previously said it was not involved in and 
did not condone any alleged money laundering activities linked 
to Linkway Trading, said it was aware of IRBA's latest decision. 
    "The disciplinary advisory committee resolved that the 
registered auditor must be referred to a disciplinary hearing," 
Bernard Agulhas, IRBA's chief executive, in response to 
questions from Reuters. 
    He said hearing preparations were underway and possible 
dates would be set in due course.*:nL8N1P737F 
    An IRBA spokeswoman said the auditor in question was a 
former KPMG employee, but did not name the employee. 
    "We are aware that the IRBA has resolved that a former 
employee, who is a registered auditor, will be referred to a 
disciplinary hearing," KPMG spokesman Nqubeko Sibiya said 
without giving further details. 
    Under South Africa's Auditing Professions Act, Agulhas said 
the former employee could face sanctions ranging from a light 
caution or reprimand to being struck from the register of 
auditors, which would be the severest punishment. 
    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 and Edmund Blair) 
 ((; +27 21 461 3523;)) 
© Stockopedia 2020, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.