KPMG donates R47 million in Gupta fees toward education and anti-corruption

Embattled auditing firm KPMG has announced where the first half of the R47 million it has committed to NGOs is going – with the shortlist for the second half close to being finalised.

In September 2017, in the wake of the unfolding Gupta state capture scandal, KPMG committed to giving away the R47.8 million it made from work done for Gupta-related companies, as a show of good will.

The firm said that it would it would donate the fees to education and anti-corruption NGOs on an equal split of just over R23 million each.

The first half of the amount, R23 million is being disbursed to Democracy Works Foundation (DWF), the Social Justice Initiative (SJI) and the National Business Initiative (NBI), KPMG said.

The first half of the funding will be used as follows:

  • DWF’s Democracy Works Academy is a youth leadership, civic education and dialogue programme to inspire, empower and connect a new generation of civic actors. The Academy is aimed at developing the capacities and networks of individuals who are committed to building an accountable, responsive and values-based South Africa.
  • NBI will be conducting evidence-based ethical leadership training and capacity building for business.
  • The SJI will distribute the funding to initiatives promoting accountable governance and fighting corruption.

The NGOs which will received their share of the second half of the amount is still being finalised, with the firm narrowing down the applications of over 1,000 bids from NGOs to a short list of 52.

According to KPMG, the bids from educational NGOs amounted to a total request for funding exceeding R2 billion.

Early Childhood Development attracted the largest number of applications, with Literacy and Cradle to Career following closely behind. A significant number of applications addressing multiple areas of need within education were also received, it said.

“We sincerely regret that our funds were significantly limited against the scale of need, and as such, were unable to fund everyone that applied.,” the group said.

A provisional shortlist of successful organisations against which due diligence assessments will be undertaken has now been finalised.

All organisations that have applied have been informed on whether or not they have been successful. Those organisations that are successful in the due diligence assessment will be contracted and deemed recipients of grant funding from KPMG.

“This process is overseen by an Independent Evaluation Committee of education experts, civil society and youth leaders, which assessed the applications and is currently conducting due diligence on the shortlisted organisations. This process should be concluded by mid-December 2018,” KPMG said.

Read: KPMG South Africa appoints new CEO

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KPMG donates R47 million in Gupta fees toward education and anti-corruption