There is no sign of remorse from KPMG - Sygnia CEO

Sygnia CEO, Magda Wierzycka says what appears to be a blatant abuse of financial processes revealed in reports over KPMPG's dealings with the Gupta's Linkway trading company, should have been noticed.

Asset management company Sygnia, recently ended its relationship with the auditing firm.

KPMG audited the Linkway trading company which allegedly used state money to pay for a lavish family wedding according to leaked emails.

READ: #GuptaLeaks: KPMG audited Gupta company that laundered money for big wedding

Despite a comprehensive internal review underway, Wierzycka says any responsible board of directors should ask questions.

What I am reading is such blatant money laundering, and such blatant abuse of financial processes, that any audit firm should have picked up.

Magda Wierzycka, Sygnia CEO

Hence I called them in and asked my questions. The answers were terribly the only answer they could give and that is they are investigating and cannot comment until the investigation is concluded.

Magda Wierzycka, Sygnia CEO

She says the audit firm's response is not good enough.

Given where we are in South Africa, in terms of corruption....we don't have time for investigations with a limited scope which are going to be cloaked in a whole lot of disclaimers. There was one thing I was looking for which I didn't get, and that was one fact that is indisputable - the fee that KPMG was paid came from South African tax payers.

Magda Wierzycka, Sygnia CEO

ALSO READ: Why Sygnia fired KPMG

If I was a company of substance I would say given what I now know, whether I did anything wrong or not, I now know that the money that I have taken is blood money. I am going to take that money, I am going to donate it to charity or a civil rights organisation fighting corruption. I am not seeing any of that, I am not seeing any sign of contrition.

Magda Wierzycka, Sygnia CEO

Click on the link below to listen to the full audio....

702 welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the 702 community a safe and welcoming space for all.

702 reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

702 is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
Why Sygnia fired KPMG

Why Sygnia fired KPMG

Sygnia CEO Magda Wierzycka says at the very least KPMG fees from Gupta linked companies are blood money stolen from SA taxpayers.

Read all the #GuptaLeaks? Ain't nobody got time for that! Here’s a summary…

Read all the #GuptaLeaks? Ain't nobody got time for that! Here’s a summary…

The Money Show’s Bruce Whitfield asks an amaBhungane investigator to summarise revelations from the “gift” that keeps on giving.

Corruption Watch slams KPMG and Mckinsey (may refer them to the FBI in the USA)

Corruption Watch slams KPMG and Mckinsey (may refer them to the FBI in the USA)

Arabile Gumede interviews Corruption Watch Executive Director David Lewis.

Kgosana admits to emailing Atul Gupta, says he did nothing wrong

Kgosana admits to emailing Atul Gupta, says he did nothing wrong

The former KPMG Africa chief executive says those invited to the wedding footed their own bill.

#GuptaLeaks: KPMG audited Gupta company that laundered money for big wedding

#GuptaLeaks: KPMG audited Gupta company that laundered money for big wedding

According to amaBhungane, KPMG’s dealings with the Guptas leave the impression that the auditor was the family’s lapdog.

Popular articles
Why Sisulu and Dlamini-Zuma aren't suitable Presidential candidates: analyst

Why Sisulu and Dlamini-Zuma aren't suitable Presidential candidates: analyst

ANC branch in the Eastern Cape, Z.R Mahabana, has launched a campaign backing Lindiwe Sisuslu as an ANC presidential candidate.

Kay Sexwale denies involvement in ANC 'War Room' saga

Kay Sexwale denies involvement in ANC 'War Room' saga

Sexwale says she advises the provincial not national ANC.

It's not the end of the road... Top tips to improve your matric

It's not the end of the road... Top tips to improve your matric

"Recognise that it’s not the end, it’s the beginning." Expert advise for school-leavers who want to improve their results.

Bylaws, times you may use fireworks

Bylaws, times you may use fireworks

City of Johannesburg has urged residents to respect by-laws and the times set for fireworks to be used.

‘I started my thriving business with R5000 (and made a profit in the 1st month)’

‘I started my thriving business with R5000 (and made a profit in the 1st month)’

After 3 years there are 3 Nic Harry stores (incl online) that sell 100 000 pairs of socks in over 20 countries around the world.

3 easy questions could bag you R2000!

3 easy questions could bag you R2000!

WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...

Blesserfinder: Matching you with a sugar daddy near you

Blesserfinder: Matching you with a sugar daddy near you

Is social trend Blesserfinder, where girls are allegedly matching up with rich 'benefactors' in exchange for sex, a real thing?