Features | - Part 183

KPMG South Africa Finds No Evidence That Errors Are `Systemic’

JOHANNESBURG (Capital Markets in Africa) – KPMG LLP’s South African unit hasn’t found evidence that mistakes it made during work done for the politically connected Gupta family and the country’s tax authority run throughout the auditing firm’s business. The errors are not “systemic,” KPMG South Africa Chief Executive Officer Nhlamu Dlomu told parliament’s Standing Committee on Public Accounts in Cape Town on Thursday. The company will continue to take “strong action” to address the issues,…

Kenya to Deploy Police for Opposition Protests as Business Slows

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenya will deploy security forces to monitor protests planned by the main opposition alliance, the government’s spokesman said, as he criticized the demonstrations for slowing down business. The opposition National Super Alliance plans to hold demonstrations in the capital, Nairobi, and other cities on Friday. The coalition began a campaign of twice-weekly protests on Monday to press its demands for an overhaul of the electoral commission before a rerun…

Graft, Faction Fights Undermine South Africa, Minister Says

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s future is being undermined by rampant corruption and faction fights in the ruling African National Congress ahead of its conference to choose a new leader to succeed President Jacob Zuma, Human Settlements Minister Lindiwe Sisulu said. Sisulu, who’s vying to succeed Zuma as the ANC leader at the party’s national conference in December, made her comments Wednesday in a wide-ranging discussion at a town hall meeting in Johannesburg hosted…

Togo Opposition Rebuffs Mediators, Continues Nationwide Protest

Posted on by The Editorial Team

LOME (Capital Markets in Africa) – Togo’s opposition rejected a joint statement from three regional diplomatic blocs urging the government to set a date for a referendum about constitutional change, as nationwide protests continued for a second day. The African Union, the Economic Community of West African States, known as Ecowas, and the United Nations Office for West Africa called on the Togolese government to fix a date for a nationwide poll on a proposal…

Nigerian Minister Is Said to Query $24 Billion Oil Contracts

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria’s oil minister sent a letter to President Muhammadu Buhari listing at least $24 billion of contracts involving the state oil company that he said were never discussed with him or the firm’s board, a copy of the document seen by Bloomberg shows. Emmanuel Kachikwu, the state minister for petroleum resources, complained in the seven-page, August 30 letter to Buhari that during the more than one-year tenure of Nigerian National Petroleum…

McKinsey Told Eskom of Transparency Risk at Trillian Capital

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Eskom Holdings SOC Ltd. continued to pay Trillian Capital Partners Ltd. even after McKinsey & Co. warned the South African state power company that it had concerns over transparency at the project development partner. Letters written in March 2016 by McKinsey to Eric Wood, the chief executive officer of Trillian, and Eskom’s recently suspended chief financial officer, Anoj Singh, show the U.S. consulting firm was concerned about the reputation risk of working…

KPMG Hasn’t Fully Cooperated in South African Probe, Regulator Says

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s auditing regulator said KPMG LLP’s local unit hasn’t fully cooperated with the body’s investigations into work done for the Gupta family, who are alleged to have used political connections to win state contracts. It took a meeting with KPMG’s leadership team to prompt them to engage with the probe and, even after that, the auditing firm hasn’t released certain documents, Bernard Agulhas, head of the Independent Regulatory Board for…

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