• Register
Return to: Home > News > Service Lines > Johannesburg listed company Sygnia drops KPMG over state capture allegations

Johannesburg listed company Sygnia drops KPMG over state capture allegations

Sygnia, an investment management company listed on the Johannesburg Stock Exchange with a market value of R 1.4bn (US$ 105.4m) has dropped KPMG as its external auditor following leaks revealing questionable business relations with the Gupta family.

For 15 years up to 2015, KPMG was the auditor of Linkway Trading (Pty), a company owned by the Gupta family who has allegedly used government funds to pay for the wedding of one of the family members.

Leaked emails, referred to as the Gupta Leaks, have raised questions over KPMG role as the auditor of Linkway Trading, from which cash from the state was diverted to cover the expense of a family wedding, as reported by local media Mail&Guardian.

KPMG allowed Linkway to account for the wedding as a business expense so no tax was paid on the government funding, the Mail&Guardian reported.

Earlier this year, South Africa’s audit regulator launched an investigation into KPMG audit of Linkway Trading.

Top Content

    Accountancy Europe: the winner takes it all

    Jonathan Minter spoke to Olivier Boutellis-Taft, chief executive officer at Accountancy Europe, about how technology could change the industry, and how training needs to keep up to enable the profession to develop

    read more

    Embracing global technology trends

    Accountancy Europe’s Digital Day 2018 found the European accounting profession looking to tackle the challenges presented by new technologies head on. Jonathan Minter reports from the day

    read more

    IMA Conference: automation of the audit

    At the annual conference of the Institute of Management Accountants (IMA) in Indianapolis, Deloitte partner Alex Smith gave a presentation on digital transformation in the profession. Joe Pickard spoke to Smith following the presentation to find out more about his views on the future of audit

    read more

    IMA Conference: technology and the human effect

    The annual conference of the Institute of Management Accountants (IMA) took place in Indianapolis this year. Members of the profession gathered to hear the latest from the institute and other market players, covering some of the challenges and opportunities the profession faces.

    read more

    The Caribbean: a digital paradise

    The ICAC hosted its 36th annual conference in June this year – very much looking to the future following a tough 2017 for the Caribbean. Jonathan Minter spoke with chief executive officer Misha Lobban Clarke

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.