Nedbank has proposed to keep KPMG for 2018 financial year


JSE-listed companies such as Deneb investment, Sygnia Asset Management, Sasfin Bank, and energy investment company Hulisani had cut ties with the firm and other companies were reviewing their relationship with KPMG.

The Guptas, friends of former South Africa president Jacob Zuma, have been subject to reports of dubious business dealings - allegations they strenuously deny.

The company, which owns ABSA Bank, said that it told its shareholders that it would withdraw a recommendation for KMPG to be reappointed as its joint auditor for the year 2018.

Subsequent to the release of our AGM Notice, the Board has carefully evaluated the on-going and more recent developments and decided that it is no longer able to support the reappointment of KPMG.

The decision by BAGL follows the resignation of two KMPG partners tasked with auditing VBS Mutual Bank - placed under curatorship by the Reserve Bank in March after a liquidity crisis - for failing to declare their financial interests in the bank.

The appointment of KPMG as external auditors of BAGL will cease on completion of the statutory and regulatory audit and reporting matters relating to the 2017 financial year, which is expected to take effect by approximately 31 May 2018.

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KPMG South Africa said it was disappointed by, but accepted, the decision.

South Africa's central bank has said there was no requirement for a bank to use one of the "Big Four" auditors, EY, KPMG, Deloitte and PwC, but they should use any independent and competent firm.

The bank says its required to have the same auditors as Old Mutual PLC and Old Mutual Limited.

Barclays Africa said it would start the process of appointing a second auditor from the beginning of next month, when KPMG completes work on its 2017 financial statements.

Last month, Auditor-General Kimi Makwetu terminated its contracts with KPMG and Nkonki Inc, which had been implicated in Gupta-related controversies, saying that the termination extends to all branches of government.