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KPMG CEO: We should have bailed on Guptas sooner

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Ajay and Atul Gupta. (Pic: Gallo Images)
Ajay and Atul Gupta. (Pic: Gallo Images)

Cape Town - Audit firm KPMG should have stopped working for the Gupta companies sooner than it did, Trevor Hoole, CEO of KPMG SA, said on Friday.

"While the last audit opinions for the group were signed for the 28 February 2015 year end, it is now clear that based on publicly-available information, KPMG should have resigned earlier than March 2016 and should have stopped working for the Gupta companies sooner than we did," Hoole said in a statement.

"In my judgement, we were too slow to recognise the wider public interest related to these matters, given the existing socio-political environment in South Africa. We fully understand that our client acceptance and continuance procedures must be improved to take account of this fact."

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