Items filtered by date: Saturday, 13 January 2018

An investigation into the South African arm of KPMG is progressing “satisfactorily” while part of it is nearing completion, the boss of the nation’s audit regulator said on Friday.

KPMG sacked its South African leadership in September after it found work done for companies owned by the Gupta family, a trio of Indian-born businessmen with close ties to President Jacob Zuma, “fell considerably short” of its standards.

“The IRBA can confirm that one of the lines of investigation is nearing completion and will be tabled at the upcoming investigating committee, while others are progressing satisfactorily,” Bernard Agulhas, chief executive of the Independent Regulatory Board for Auditors (IRBA), said in a statement.

Information requested from KPMG remains outstanding and the IRBA continues to engage with KPMG to obtain it to complete these investigations, he said.

He said most of the information required from the South African Revenue Service has been received.

Companies including the African arm of German insurer Munich Re and local ones such as Sasfin and Hulisani said last year they would drop KPMG as their auditor. The South African parliament has also said it would no longer use the company.

KPMG is one of several high-profile international companies facing questions about its work for the Indian-born Gupta brothers, who have been accused by an anti-graft watchdog of unduly influencing the awarding of government contracts.

The Guptas and Zuma deny wrongdoing and say they are victims of a politically motivated witch-hunt. The Guptas and their companies have not been charged with any crime.

Reporting by Nqobile Dludla; editing by Jason Neely (Reuters) 

Published in Bank & Finance

German automaker Volkswagen (VW) plans to double output at its Kenyan assembly plant and could build a second model there, Kenya’s presidential office said without giving a timeline.

VW set up the vehicle assembly plant in 2016, resuming production in Kenya after a four decade break. The plant has started by assembling VW’s Vivo model.

President Uhuru Kenyatta was told by VW’s South Africa chief Thomas Schaefer “the firm was exploring producing a second model in Kenya, possibly a hatchback - small SUV - while doubling production of the VW Polo Vivo to at least 300 vehicles,” the presidential office said in a statement late on Friday.

VW has long experience operating in emerging markets. But Kenya’s car market is dominated by low-priced, second-hand imports from countries, such as Japan.

Other brands assembling vehicles in Kenya include Isuzu, Toyota, Nissan, Mitsubishi and Peugeot.

Reporting by George Obulutsa; Editing by Edmund Blair (Reuters)

Published in Engineering

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