Corruption | - Part 3

KPMG Revamps S. African Top Management as Clients Dump Firm

JOHANNESBURG (Capital Markets in Africa) – KPMG LLP’s South African unit appointed nine new executives in an attempt to restore trust in the auditing firm as clients continued to distance themselves over its involvement with the politically connected Gupta family. Andrew Cranston, a partner and former chief operating officer of parent KPMG International, will be the local firm’s interim COO, while 36-year company veteran Brian Stephens will take the new position of head of risk,…

Telkom Suspends New Work With KPMG South Africa Pending Probe

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Telkom SA SOC Ltd., South Africa’s largest landline operator, won’t award any new business to KPMG LLP’s local unit pending the outcome of an investigation into the firm by the country’s accountancy body. Any contracts underway with the auditor and consulting firm will be completed and their expiration dates will stand, the Pretoria-based company said in an email to all staff seen by Bloomberg. A further decision will be…

INTO AFRICA October 2017 Edition: Mind the Gap – Risk in Africa

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Welcome to the October 2017 edition of INTO AFRICA, a publication with fresh insight into Africa’s emerging capital markets. This edition looks at challenges and risks in Africa and its title: Mind The Gap: Risk In Africa. Over the past few years, African economies have increasingly an essential part of any expansion strategy as corporate leaders and fund managers under constant pressure to maximize returns and put capital to work. Although African markets offer a…

Nigerian Minister Is Said to Query $24 Billion Oil Contracts

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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

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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

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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…

Mauritian Whistle-Blower Drops Claims Against Attorney General

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PORT LOUIS (Capital Markets in Africa) – A Mauritian whistle-blower withdrew allegations of money laundering that forced Attorney General Ravi Yerrigadoo to step down this month. Husein Abdool Rahim, who made the allegations earlier in September, said he’d been pressured by Port Louis-based newspaper l’Express and former Financial Services Minister Roshi Badhain into making claims that Yerrigadoo helped set up a financial structure to enable the transfer of gambling winnings to bank accounts in Dubai…

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