{"id":199704,"date":"2017-09-19T15:55:49","date_gmt":"2017-09-19T13:55:49","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=199704"},"modified":"2017-09-19T15:55:49","modified_gmt":"2017-09-19T13:55:49","slug":"energy-investment-company-bails-on-kpmg-over-reputational-risk","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/199704\/energy-investment-company-bails-on-kpmg-over-reputational-risk\/","title":{"rendered":"Energy investment company bails on KPMG over reputational risk"},"content":{"rendered":"<p>Another company has cut ties to KPMG South Africa, citing reputational risks in the fallout of the Gupta and SARS saga.<\/p>\n<p>South African energy investment group, <strong><a href=\"http:\/\/af.reuters.com\/article\/commoditiesNews\/idAFJ8N0VL01H\">Hulisani<\/a><\/strong> is the latest company to drop the auditing firm, following news earlier on Tuesday that financial services group, Sasfin, would end an 18 year relationship with the company.<\/p>\n<p>Hulisani&#8217;s chief executive said that the company&#8217;s risk committee looked at &#8220;various factors&#8221; surrounding KPMG, including media reports, and decided that it would be in company&#8217;s best interests to change auditors.<\/p>\n<p>According to <strong><a href=\"http:\/\/www.enca.com\/south-africa\/infographic-six-big-companies-reviewing-ties-with-kpmg\">eNCA<\/a><\/strong>, along with Investec, Absa, Standard Bank and Old Mutual &#8211; which had previously indicated they were reviewing and engaging with KPMG over their relationships with the group &#8211; two more companies are now also considering their position: Growthpoint Properties, and Sibanye Stillwater.<\/p>\n<p>KPMG made wide-sweeping changed to its leadership on Friday (15 September) following an internal investigation that found that the group did not meet quality standards in its work for the Gupta family.<\/p>\n<p>Eights executives, including CEO Trevor Hoole, resigned, with the company seeking the dismissal of one more.<\/p>\n<p>The company is currently being investigated by regulatory bodies for allegedly turning a blind eye to possible money laundering practices by Gupta-linked companies. Its internal investigation found no wrongdoing or illegal activity on KPMG&#8217;s part, but found that the Gupta companies involved &#8220;misrepresented information&#8221;.<\/p>\n<p>Several companies have already cut ties to the firm, with others currently re-evaluating their relationship with the auditor, pending the outcome of the investigations.<\/p>\n<hr \/>\n<p><strong>Read:\u00a0<a href=\"https:\/\/businesstech.co.za\/news\/business\/199536\/sasfin-dumps-kpmg-after-18-years\/\" rel=\"bookmark\">Sasfin dumps KPMG after 18 years<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Another company has cut ties to KPMG South Africa, citing reputational risks in the fallout of the Gupta and SARS saga.<\/p>\n","protected":false},"author":10,"featured_media":199714,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[],"class_list":["post-199704","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/199704","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=199704"}],"version-history":[{"count":1,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/199704\/revisions"}],"predecessor-version":[{"id":199724,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/199704\/revisions\/199724"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/199714"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=199704"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=199704"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=199704"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}