December 3, 2018 12:37 pm
JOHANNESBURG – Embattled audit firm KPMG today said it would distribute R47 million in fees it got from auditing the books of the infamous Gupta companies to 52 civil society organisations non-profit organisations in the education sector.
In September last year, KPMG committed to donating fees earned from Gupta-related entities to education and anti-corruption non-governmental organisations (NGOs) on an equal split of just more than R20m each.
KPMG executive chairperson Professor Wiseman Nkuhlu said the funding was an important step in ensuring redress for the actions of the past.
“We appreciate the inputs that civil society organisations have made into this process, and the broader role they are playing in addressing corruption in business and society,” Nkuhlu said.
R23m of the money will be disbursed to Democracy Works Foundation (DWF), the Social Justice Initiative (SJI) and the National Business Initiative (NBI).
The company has faced a backlash from corporate South Africa after it admitted that work it did for the Gupta’s fell below industry standards.
The group was also hurt over its role in the South African Revenue Services (Sars) ill-fated “rogue unit” report and its handling of the books of the failed VBS Bank.
Among key clients who have dumped the firm is Nedbank, Absa and the office of the auditor-general.
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