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Standard Bank reviewing its business relationship with KPMG and McKinsey

Standard Bank reviewing its business relationship with KPMG and McKinsey

The fallout from having business links with the Gupta family continues to spread for auditing firm KPMG, with Standard Bank announcing that it is reconsidering its business relationship with the firm.

 

Standard Bank said that KPMG has not taken sufficient action to restore its reputation, but believes that the ethical and commercially appropriate route to take would be to allow the firm to complete an independent investigation before taking any action.

 

This decision comes in the wake of the firm's integrity being called into question for work it did for the Gupta family.

 

KPMG has additionally withdrawn a damaging report it was commissioned to do into a covert unit reportedly operating at the South African Revenue Service. The report placed former Finance Minister Pravin Gordhan in a questionable light and also cast aspersions on former Cabinet minister Trevor Manuel.

 

KPMG has already lost a number of clients after admitting to mistakes made in auditing the family's accounts.

 

Standard Bank additionally said that it would be reconsidering its use of the services of global consultancy firm McKinsey & Company due to allegations of misconduct that has arisen out of its dealings with parastatals Eskom, Transnet and Gupta-linked Trillian.

 

The decision to continue to make use of McKinsey's services will depend on the outcomes of an investigation led by an independent law firm, the Bank said.

 

Standard Bank said that its relationship with German software company SAP will be reviewed for similar reasons.

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