Corruption | - Part 4

South Africa Minister Wants Assurance on KPMG Analysis of Oil Sale

JOHANNESBURG (Capital Markets in Africa) – South Africa’s probe into the sale of 10 million barrels of its crude oil reserves may be delayed after Energy Minister Mmamoloko Kubayi said she has some concerns because a key financial analysis in the investigation was conducted by KPMG LLP. Kubayi said she wants assurances from the country’s Central Energy Fund about the report after KPMG’s local unit became embroiled in a corruption scandal revolving around members of the…

Sasfin Fires KPMG in Wake of South African Gupta Scandal

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Sasfin Holdings Ltd., a South African financial-services company, said it’s firing KPMG LLP as its independent sponsor and searching for a new auditor, becoming the second company to announce it has dumped the firm because of work it did for the politically connected Gupta family. The decisions were based on “the well-publicized concerns recently raised with regard to KPMG,” Johannesburg-based Sasfin said in an emailed statement on Tuesday. Deloitte…

KPMG, McKinsey Feel the Heat Over South Africa Graft Scandal

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JOHANNESBURG (Capital Markets in Africa) – As global companies implicated in a graft scandal in South Africa scramble to contain the damage to their reputations, politicians and law enforcement agencies are prevaricating and stalling official investigations. The scandal has revolved around members of the wealthy Gupta family, who are friends of President Jacob Zuma and have been accused of looting billions of rand in taxpayer funds and exerting undue influence over the state. Accountants KPMG LLP, public relations firm Bell…

Mauritius Attorney General Quits Over Money-Laundering

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PORT LOUIS (Capital Markets in Africa) – Mauritian Attorney General Ravi Yerrigadoo stepped down to allow an investigation into allegations of money laundering, Prime Minister Pravind Jugnauth said. Yerrigadoo quit at Jugnauth’s request to “ensure the investigation is conducted in a transparent manner,” the premier told reporters Wednesday in the capital, Port Louis. Le Defi, a Port Louis-based newspaper, reported that an affidavit was submitted to Mauritius’s Supreme Court on Tuesday alleging that Yerrigadoo helped set…

Nigerian Graft Agency Traces $615 Million to Alison-Madueke, Ex-Petroleum Minister

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LAGOS (Capital Markets in Africa) – Nigeria’s anti-graft agency said it traced at least $615 million of allegedly illegally acquired cash and properties to the West Africa nation’s former oil minister, Diezani Alison-Madueke. In addition to “boxes of gold, silver and diamond jewellery, worth several million pounds” found at her residence, the Economic and Financial Crimes Commission identified more than a dozen buildings across the country worth more than $500 million owned by the former minister,…

African Leader Son’s Multimillion-Euro Splurge on $80,000 a Year

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Equatorial Guinea (Capital Markets in Africa) – The son of Equatorial Guinea’s president bought real estate, a Bugatti Veyron, a Cartier watch and bottles of prestigious Romanee Conti wine on his $80,000-a-year position as a government minister. French prosecutors are demanding he account in court for these and other purchases, which total more than 100 million euros ($112 million). Teodoro Nguema Obiang Mangue, agriculture minister for more than a decade, is accused of amassing real…

Shell says it knew some payments for Nigeria oilfield would go to Malabu

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LAGOS (Capital Markets in Africa) – Royal Dutch Shell has said it knew that some of the payments it made to Nigeria for the rights to an oil field would go to Malabu Oil and Gas, a company associated with a former Nigerian oil minister and convicted money launderer. Shell spokesman Andy Norman said the group had known the Nigerian government “would compensate Malabu to settle its claim on the block”. Shell previously had said…

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