Sasfin is terminating KPMG's role as an independent sponsor and has decided to put its audit out to tender as part of its commitment to good governance.
KPMG has cleared out its South African leadership and withdrawn its findings from a South African Revenue Services (Sars) report into the so-called rogue unit following an internal investigation which has revealed serious failings at the firm.
KPMG has been a joint auditor at Sasfin for 18 years.
Sars is stopping all work being done by KPMG and reporting the firm to the Finance Minister to be blacklisted.
Sasfin, along with SA's four major banks - Standard Bank, Barclays Africa, Nedbank and FirstRand - earlier this year also severed ties with Gupta-owned company Oakbay following allegations of state capture.
The Money Show’s Bruce Whitfield interviewed Sasfin CEO Roland Sassoon.
Listen to the interview in the audio below (and/or scroll down for quotes from it).
We had to distance ourselves from KPMG…— Roland Sassoon, Sasfin
It doesn’t look good with regards to the Sars issue… it was the last straw.— Roland Sassoon, Sasfin
I feel terribly sorry for the 3000 people part of that organisation, 99% who, I’m sure, are ethical people.— Roland Sassoon, Sasfin
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