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Saica announces disciplinary proceedings against Anoj Singh

Principles of integrity, objectivity, confidentiality and professional behaviour were contravened.
Anoj Singh, former Eskom CFO. Picture: Moneyweb

The South African Institute of Chartered Accountants (Saica) announced in a statement on Tuesday that it has instituted charges of misconduct against former Eskom CFO Anoj Singh.

The charges are as follows:
–       he conducted himself in a manner which is discreditable, dishonourable, dishonest, irregular or unworthy, or which is derogatory to the Institute, or brought the profession of accountancy into disrepute; and/or 
–       he failed to maintain and adhere to the fundamental principles set out in the Saica Professional Code of Conduct for Chartered Accountants, as follows:

Integrity

Singh failed to disclose to the Eskom Board the true reason for Tegeta’s request of some R600 million from Eskom. He should have known that the information, reports and documentation that he was relying on contained materially false or misleading statements; statements or information furnished recklessly; or omitted and/or obscured essential information. In addition, he made no attempt to disassociate himself from that information.
 
Objectivity

His professional or business judgment was compromised by bias, conflict of interest, or the undue influence of others. He allowed a relationship bias to unduly influence his professional judgment in performing a professional service.

Confidentiality

He disclosed confidential information acquired as a result of professional and business relationships without proper and specific authority to do so. Further, he used confidential information acquired as a result of professional and business relationships to his personal advantage or the advantage of third parties. In addition, he failed to take reasonable steps to ensure that staff under his control, as well as persons from whom advice and assistance was obtained, respected his duty of confidentiality.

Professional behaviour

He failed to comply with the relevant laws and regulations and conducted himself in a manner that he knew or should have known may discredit the accountancy profession. A reasonable third party would have concluded that this conduct would adversely affect the good reputation of the profession.
 
Singh has 21 days to respond to Saica under its by-laws. The response will be placed for adjudication before the Professional Conduct Committee. Details of the subsequent disciplinary hearing will be provided to all stakeholders, subject to confirmation with the Professional Conduct Committee.

Not all disciplinary hearings are open to the public, and accused members appearing before the Professional Conduct Committee are not permitted legal representation.

The Professional Conduct Committee has the full power to caution, reprimand, impose a fine of not more than R250 000 per charge, suspend the accused from membership for a period not exceeding 12 months, or refer a formal complaint against the accused to the Disciplinary Committee. Hearings of the Disciplinary Committee are open to the public, unless deemed inappropriate by the Chairman.

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SAICA, what about KPMG in the Investecgate/Kebblegate sage ?

Finally some action from professional bodies. They should have been at the forefront and much quicker to act when their members were involved in state capture and other fraud. Where were the medical bodies when Schabir Shaikh was declared terminally ill?

There are many many other cases (Steinhoff etc) where action needs to be taken to ensure none of these so-called ‘professionals’ practice ever again.

Maybe now we know Julius and Floyd’s motives in their last tirades?
What do the following names have in common?
Gupta Family Spokesman – Gary Naidoo
Transnet – Iqbal Sharma, Anosh Singh
Eskom – Anosh Singh,
VS Laser/Denel – Iqbal Sharma, Salim Essa,
Trillian/Oakbay – Salim Essa, Anushka Wood,Prakash Parbhoo, Ashu Chawl, Ronica Ragavan, Nazeem Hawa
Sahara Systems – Ashok Narayan, Santosh Choubey,
Estina – Kamal Vasrum
Westdawn Investments – Jagannath Prasad Arora, Ronica Ragavan

This is a classic case of economic colonialism (sabotage) against South Africa, where monies are moved out of SA to India, Dubai, etc……
….and, worst of all, NONE have been charged by NPA, are in prison and have their assets confiscated

Methinks, lets add some ”lame duck” Regulatory bodies, with regards to the above names:

NPA
FSCA
JSE
SARB
SAICA
IRBA
FACTA
NCR
SARS

They all seem to be ”conspicuous”by their absence!

Comment for March Hare – why are u turning this into a “race” thing, by only citing names of Indian origin. Corruption is corruption.
People of all races and nationalities comment grand scale larceny.

And mind you, Pravin Gordhan was one of the most vociferous voices against corruption.

Don’t DISCRIMINATE against Indians unfairly.

So are you denying that the VAST MAJORITY (i.e. over 90%) of Gupta-linked comapanies executives, that are involved in State-Capture, are Indians!?? Facts are Facts!? This is what Floyd AND Julius are highlighting!? And can you deny that the majority of tenders in KZN are awarded to Indian Companies!?? Facts are Facts.

I don’t mate!

JCI, Tsec, Investec etc and KPMG perfected the ”capturing” crime – at the expense of Randgold shareholders – long long before the Guptas started getting their fingers in the pie, methinks!

SAICA is a lame duck. Lets see it move against KPMG, and why is Anoj Singh facing a disciplinary hearing when he should be charge criminally in terms of the Companies Act. And what happens if Anoj Singh just decides to terminate his membership to SAICA voluntarily – can they still go ahead with this hearing.

End of comments.

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