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Finbond is the latest company to drop KPMG

Finbond says it will end KPMG’s appointment as an external auditor by the end of June.
Finbond drops auditor, KPMG. Picture: Moneyweb

South African micro lender Finbond said on Thursday it was terminating the services of KPMG, the latest company in the country to drop the global auditor in the wake of a scandal that helped topple former president Jacob Zuma.

KPMG sacked several of its top leadership at its South African unit last year after it found work done for companies owned by the Gupta family, a trio of businessmen with close ties to Zuma, fell short of its standards.

The Guptas, at the heart of influence-peddling allegations around Zuma, and the former president have consistently denied wrong-doing.

Finbond said it would end KPMG’s appointment as an external auditor by the end of June, joining more than 10 other clients, including the South African government and Barclays Africa Group , which have cut ties with KPMG over the unfolding scandal. 

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I almost said: what took you so long? But I guess, better late than never. As an investor, I have to believe FGL’s financial statements, but with KPMG hanging around, you just couldn’t be so sure. Good riddence.

End of comments.

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