KPMG shunned by some clients after Gupta ties emerge

Sygnia Asset Management fired KPMG after the revelation of its controversial ties to the Gupta family.

Iraj Abedian, CEO of Pan-African Investment and Research Services recently resigned from the board of Munich Re Africa because it would not fire KPMG.

Speaking to CapeTalk's Kieno Kammies, Abedian says he doesn't believe that after what is happening in the country at the moment in terms of the Gupta's looting the state, we can afford to dilly-dally when it comes to making decisions. He says companies like KPMG must be shunned.

We had a lot of intense fact based discussions [with Munich Re] and they were dilly-dallying and I said, look I am out...

Iraj Abidian, Executive Chairman at Pan-African Capital Holdings

CEO at Business Leadership South Africa (BLSA), Bonang Mohale, commended Abedian for making an 'ethical decision'.

That's what we mean by ethical leadership and taking decisions that will personally hurt you because you believe in principles.

Bonang Mohale, CEO of Business Leadership South Africa

Mohale confirmed that SAP and McKinsey, who are also implicated in corruption controversy with the Guptas, are part of BLSA. He says he has personally met with the CEOs of these companies and told them to come clean.

As BLSA we have taken an anti-corruption oath .. we will have zero tolerance for corruption in our own midst...

Bonang Mohale, CEO of Business Leadership South Africa

Mohale says a number of companies that are part of BLSA have cut ties with SAP, Mckinsey and KPMG.

To hear more of this interviews, listen below:


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
Opinion: Corporates are acting as political actors

Opinion: Corporates are acting as political actors

Stephen Grootes questions businesses acting to protect their own interests and reputation amid state capture claims.

KPMG bosses in denial about damage caused to credibility and trust - economist

KPMG bosses in denial about damage caused to credibility and trust - economist

Economist Dr Iraj Abedian says it is problematic for companies to associate with auditors who face reputational risk.

State capture allegations have left a huge mark against KPMG  - Brown

State capture allegations have left a huge mark against KPMG - Brown

The Institute of Directors has temporarily suspended all co-branded activities with the firm.

Institute of Directors  breaks off ties with KPMG, pending outcome of probe

Institute of Directors breaks off ties with KPMG, pending outcome of probe

The Institute of Directors has temporarily suspended all co-branded activities with the auditing firm KPMG.

BLSA pledges to invest in communities, root out corruption

BLSA pledges to invest in communities, root out corruption

Business Leadership South Africa's CEO says it is concerning that the economy of SA is benefiting the Zuma and Gupta families.

#GuptaLeaks: Corrupt businesses urged to come clean

#GuptaLeaks: Corrupt businesses urged to come clean

Professor Mills Soko says big business involved in corrupt dealings should come clean and face the consequences.

KPMG under fire for alleged role in state capture

KPMG under fire for alleged role in state capture

The Money Show’s Bruce Whitfield interviews Pan-African Investments and Research Services CEO Dr Iraj Abedian.

The lowdown on state capture starring Anoj Singh and Eskom

The lowdown on state capture starring Anoj Singh and Eskom

Investigative journalist Sabelo Skiti helps makes sense of 'the enabler' Anoj Singh's career history and role in state capture.

There is no sign of remorse from KPMG -  Sygnia CEO

There is no sign of remorse from KPMG - Sygnia CEO

Sygnia has decided to fire KPMG over its alleged role in state capture.

Popular articles
So what exactly is radical economic transformation?

So what exactly is radical economic transformation?

Wits associate professor of economics Christopher Malikane speaks to Azania Mosaka about the term that is being bandied about.

Shop 'til you drop: The top 'Black Friday' deals this week

Shop 'til you drop: The top 'Black Friday' deals this week

Start your Christmas shopping off with a bang at these major retailers offering some impressive discounted sales for Black Friday.

Pamela Nomvete on her downfalls as actress, and 'climbing back'

Pamela Nomvete on her downfalls as actress, and 'climbing back'

This week Xolani Gwala's speaks to former Generations actor Pamela Nomvete for #WhatInTheWorldHappenedTo feature.

How Naspers paid peanuts for Tencent (China’s most valuable company)

How Naspers paid peanuts for Tencent (China’s most valuable company)

In 2001 Naspers invested $32 million in (then tiny) Tencent. Learn more about the wildly profitable Chinese behemoth...

Police hunt man who doled out drug-laced sweets to school kids

Police hunt man who doled out drug-laced sweets to school kids

60 children from three schools in south of Johannesburg were rushed to hospital after eating sweets handed out by a stranger.

'The university degree is dead'

'The university degree is dead'

Flux Trends founder Dion Chang gives five reasons why he believes getting a degree is past its sell by date.

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?