South Africa’s private sector has not covered itself in glory for its role in the State Capture project, which hollowed out state-owned entities, the South African Revenue Service and law enforcement agencies under Jacob Zuma’s nine-year presidency.
KPMG South Africa has lost many clients after it missed red flags in its audit of Gupta family-linked entities and compiled a report into a high-risk investigation unit — or so-called “rogue unit” — at SARS, which the firm has partly retracted because of the poor standard of work. This has incensed David Lewis, the executive director of non-profit organisation Corruption Watch. He wants to see State Capture architects and Gupta family bidders to be legally prosecuted and the reputation of KPMG, Bain & Co and McKinsey & Co to be further sullied.What is this business of corporates causing billions of rands worth of damage and resorting to paying back their fees. Really, bullshit is the only possible polite word to use to describe it,” Lewis said.
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