Nedbank Group and Investec put pressure on KPMG

A number of South African leaders are ramping up pressure on KPMG to release the results of an independent investigation into the work it did for the politically connected Gupta Family. The Nedbank Group and Investec Plc are among these leaders.

Nebank Raisibe Morathi chief Financial officer said, “Nedbank has been impressed on the new management the urgency with which this needs to be completed. Nebank has a zero-tolerance for corruption and we expect our services providers and clients to conduct themselves in an ethical manner. “

KPMG stands a chance of losing an auditing role for one of the country’s biggest banks as just last month companies like Munich Re of Africa, Sasfin Holdings, Sygnia Asset Management and Hulisani are just some of the companies that have stopped using the firm’s services. However KPMG’S probe did not find evidence of illegal behavior or corruption.

This has also put KPMG under scrutiny. This followed after KPMG’s South African spokesperson Nqubeko Sibiya ignored two messages sent to his cellphone and some email questions.

The Guptas have denied any wrong doing as well as any illegal activities. The Gupta family has been accused of wielding undue influence over the state contracts and the Cabinet appointments.

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