KPMG to donate millions in Gupta fees to civil society

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

ZAR/USD
17.20
(-0.08)
ZAR/GBP
22.49
(-0.04)
ZAR/EUR
20.24
(-0.11)
ZAR/AUD
12.26
(-0.24)
ZAR/JPY
0.16
(+0.03)
Gold
2015.70
(+2.13)
Silver
25.89
(+6.95)
Platinum
940.00
(+2.33)
Brent Crude
43.86
(+1.45)
Palladium
2130.01
(+2.12)
All Share
56248.93
(+0.75)
Top 40
51951.34
(+0.74)
Financial 15
9878.55
(+0.75)
Industrial 25
74943.49
(+0.27)
Resource 10
57327.85
(+1.31)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Do you think it was a good idea for the government to approach the IMF for a $4.3 billion loan to fight Covid-19?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes. We need the money.
11% - 840 votes
It depends on how the funds are used.
74% - 5569 votes
No. We should have gotten the loan elsewhere.
15% - 1117 votes
Vote