Shareholders up in arms as Investec fails to sack KPMG

Shareholders up in arms as Investec fails to sack KPMG

Shortly before this issue of Noseweek went to press, the Financial Times reported that almost 20% of shareholders at Investec have objected to the company’s decision to reappoint KPMG as its joint auditor.

Investec responded with a lengthy statement accompanying the results of its annual shareholder meeting, setting out why it was sticking with KPMG.

Revelations over the past 18 months about KPMG’s practices in South Africa have highlighted its work for the notoriously corrupt Gupta family, for SARS and for VBS, a mutual lender that collapsed in March as a result of large-scale theft and corruption facilitated by its top executives.

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