KPMG to donate millions in Gupta fees to civil society | Fin24
 
  • Mandela Day

    Nationalisation, privatisation and land: What Mandela told business in 1990 still resonates today.

  • African Foothold

    American multinational PepsiCo has agreed to buy South Africa’s Pioneer Foods for about R24.4bn.

  • Fin24’s newsletter

    Sign up to receive Fin24's top news in your inbox every morning.

Loading...

KPMG to donate millions in Gupta fees to civil society

Dec 03 2018 13:24
Sibongile Khumalo

Auditing firm KPMG said on Monday it will be distributing the R47m it earned in fees from Gupta-related entities to civil society.

In September 2017, the troubled international auditing firm committed to pay back the consulting fees after it was discovered that its work did not meet auditing standards.

KPMG said in a statement that an amount of R23m would be jointly paid to the Democracy Works Foundation, the Social Justice Initiative and the National Business Initiative.

“The funding is an important step in ensuring redress for the actions of the past," said executive chairperson Professor Wiseman Nkuhlu.

The other half would be distributed to non-profit organisations working in the education sector, in a process that involved a "consultative process with the broader civil society group".

A total of 52 out of over 1 000 applications have been shortlisted for the funds.

“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,” said Nkuhlu.

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER

kpmg  |  auditing
NEXT ON FIN24X

 
 
 
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

FaceApp has been at the centre of a debate on data security. What is your view?

Previous results · Suggest a vote

Loading...