Professor Wiseman Nkuhlu (Pic supplied: KPMG)

Business In The News South Africa

Scandal-hit KPMG appoints new chairman

JOHANNESBURG, January 17 – Audit firm KPMG South Africa on Wednesday said it had appointed Professor Wiseman Nkuhlu, the country’s first black chartered accountant, as chairman of the board as the company tries to restore its credibility after becoming embroiled in the controversy around the wealthy Gupta family last year.

Ansie Ramalho (Pic supplied: KPMG)

The appointment comes after Ahmed Jaffer resigned from the firm and stepped down as chairman last September during an exodus of KPMG partners after the company withdrew reports it had compiled on behalf of the Guptas, widely criticised for wielding undue influence on the government, and for the South African Revenue Service (Sars), which it said fell short of its standards.

In all, eight partners stepped down, including Trevor Hoole as chief executive and Steven Louw as chief operating officer.

Nkuhlu, currently chancellor of the University of Pretoria, has over 30 years’ experience in both the public and private sectors.

He has served as a board director and as part of the audit committee at a wide range of leading public listed companies. Nkuhlu was also an economic advisor to former president Thabo Mbeki.

KPMG also appointed Ansie Ramalho as an independent director, saying she and Nkuhlu  would assume their roles on March 1.

KPMG South Africa chief executive Nhlamu Dlomu said the appointments would bring a huge amount of relevant experience, wisdom and challenge as the firm makes the critical decisions required to rebuild.

“Prof Nkuhlu, as the first black chartered accountant in the country, has dedicated his life and his career to the role of the profession in supporting South Africa’s economic progress and transformation agenda,” Dlomu said.

“As an authority on corporate governance … Ramalho’s expertise will also be invaluable to the board.”

The Independent Regulatory Board for Auditors said last week one of the lines of investigation into KPMG was nearing completion while others were  progressing satisfactorily.

 – African News Agency (ANA),

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