Johannesburg - KPMG South Africa failed to raise alarms when businesses controlled by the Gupta family - friends of President Jacob Zuma - diverted the equivalent of $3.3m of public money to pay for a family wedding and their auditing firm, documents show.
South Africa’s Independent Regulatory Board for Auditors said it will open an investigation.
KPMG was also aware that the family’s companies were categorising the wedding costs as business expenses, meaning they wouldn’t have to pay tax on them, according to emailed communication. The papers are part of a trove of documents known as the Gupta Leaks, and the amaBhungane Centre for Investigative Journalism posted them on its website on Friday with an account of the events. Bloomberg couldn’t independently verify the information.