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Gordhan lays out State's case against suspended Sars boss Moyane  

By: News24Wire      15th June 2018 Public Enterprise Minister Pravin Gordhan has laid out the State's case against suspended South African Revenue Service (Sars) commissioner Tom Moyane in a 69-page affidavit. Moyane was suspended from the tax agency on March 19. President Cyril Ramaphosa at the time accused him of overseeing a... 

Good corporate citizenship in a post-State-capture South Africa 

By: Kim Cloete     8th June 2018 A string of corporate governance failures and climate change challenges have cranked up the pressure on companies to become better corporate citizens and take care of the environment they are operating in. The renewed emphasis on governance and sustainability is not limited to the private sector,... 

Good corporate citizenship in a post-State-capture South Africa 

By: Kim Cloete     8th June 2018 A string of corporate governance failures and climate change challenges have cranked up the pressure on companies to become better corporate citizens and take care of the environment they are operating in. The renewed emphasis on governance and sustainability is not limited to the private sector,... 

KPMG to lay off 400 employees in South Africa after graft scandal

By: Reuters     4th June 2018 Global auditor KPMG said on Monday it will lay off up to 400 people in South Africa, in its latest shake-up following a corruption scandal that saw it lose several major clients. The auditor has taken a number of steps since last September to help restore its reputation, including changes to... 

Probe into influence peddling to start hearings in August

By: Reuters     24th May 2018 An inquiry into allegations of influence peddling revolving around former president Jacob Zuma and businessman friends of his will begin formal public hearings in August and could take two years or more, the head of the commission said on Thursday. The allegations around Zuma, forced from office... 

Opportunities for SA SMEs to progress digital innovation projects free-of-charge

24th May 2018 South African SMEs can now achieve their business growth objectives, through an industry partnership that delivers advanced digital innovation projects, free-of-charge. Digital Skills Academy, a premier industry provider of online BSc Degree in digital skills, invites South African SMEs to... 

Digital Skills Academy offers digital solution development free of charge to SMEs

By: Marleny Arnoldi     23rd May 2018 Digital Skills Academy – a premier industry provider of online BSc degrees in digital skills – is inviting South African small and medium-sized enterprises (SMEs) to register as industry partners and participate in its industry partner programme.  

Sibanye-Stillwater to start search for new audit firm

By: Simone Liedtke     4th May 2018 Multicommodity miner Sibanye-Stillwater will start the search for a new independent external audit firm for the 2019 financial year after its annual general meeting (AGM) on May 30. Sibanye had previously proposed the reappointment of audit, tax and advisory services provider KPMG as the... 

Government cancels auditing contracts with KPMG and Nkonki Inc

By: News24Wire      17th April 2018 The Auditor General, Kimi Makwetu, on Tuesday announced his office’s decision to terminate, with immediate effect, the auditing contracts with KPMG and Nkonki Inc with the government.  The two beleaguered companies had been doing public sector audits on behalf of the Auditor General of South... 

Government, trade union talks fail to avert proposed Coal India strike

By: Ajoy K Das     10th April 2018 The Indian government’s assurance that State-owned Coal India Limited (CIL) will “maintain its dominant industry position” after coal mining is opened up to private companies has failed to placate workers and more trade unions have joined the planned strike on April 19. CIL workers have been... 

Partying with purpose: world's miners drink and deal after dry years

By: Reuters     5th March 2018 While not the premium liquor and prime rib parties of old, miners are laying on the cocktails again after several lean years, booking hotel lounges and nightclubs to twin drinks with deal making. An upbeat tone at the world's biggest mining conference comes as global exploration spending snaps a... 

Acoustic Zoom triumphs in #DisruptMining technology innovation contest

By: Henry Lazenby     5th March 2018 Three-dimensional (3D) drill hole seismic imaging technology innovator Acoustic Zoom has won the second annual #DisruptMining contest. Acoustic Zoom aims to unlock the potential of Canada's mineral exploration sector with high-frequency 3D imaging to help map complex geological formations deep... 

Reported economic crime in South Africa hits record levels – PwC

By: African News Agency      28th February 2018 South African organisations are reporting the highest instances of economic crime in the world with it reaching its highest level over the past decade, a PwC report released on Wednesday has found. According to the PwC's biennial Global Economic Crime Survey, South African organisations that have... 

VAT increase shouldn't have major impact on business-to-business transactions

By: Simone Liedtke     23rd February 2018 The one percentage point increase in the value-added tax (VAT) rate, from 14% to 15%, should not have a major impact on business-to-business transactions, says auditing firm KPMG COO Andrew Cranston. During a post-Budget discussion on Friday, he explained that the so-called “regressive effects”... 

Joi Ito to headline #DisruptMining finale

By: Creamer Media Reporter      2nd February 2018 Tech mogul Joi Ito will deliver a keynote address at the #DisruptMining finale on March 4, during the annual Prospectors and Developers Association of Canada (PDAC) Conference, in Toronto. A director of the MIT Media Lab and professor of the Practice of Media, Arts and Sciences at MIT, Ito is an... 

Coal India diversification strategy moves ahead

By: Ajoy K Das     31st January 2018 Coal India Limited (CIL) will complete the formation of a separate independent business to undertake diversified mining before the end of the current financial year. According to company sources, CIL will comprise two business verticals, independent of each other, one taking charge of diversified... 

South African regulator pursuing criminal complaints against SAP, KPMG, McKinsey

By: Reuters     17th January 2018 South Africa's companies registry office is pursuing criminal complaints against SAP, KPMG and McKinsey on suspicion that business they conducted with friends of President Jacob Zuma broke the companies act, it said on Wednesday. The Companies and Intellectual Property Commission (CIPC)submitted... 

Auditors body nears completion of investigation into KPMG scandal

By: African News Agency      12th January 2018 The Independent Regulatory Board for Auditors (IRBA) said on Friday that one of the lines of investigation into embattled audit firm KPMG was nearing completion and would be tabled at the upcoming investigating committee, while others are progressing satisfactorily. The IRBA is investigating KPMG... 

Feasibility study boosts Lincoln’s Kookaburra Gully graphite project prospects

By: Megan van Wyngaardt     27th November 2017 A feasibility study has found in favour of developing what is likely to be Australia’s only operating graphite mine when construction and commissioning work begins towards the second half of next year. ASX-listed Lincoln Minerals on Monday announced the outcomes of the study, which focused on... 

Business Leadership SA reveals business contribution of R1.9tn to GDP 

By: African News Agency      20th November 2017 Business Leadership South Africa (BLSA) chief executive, Bonang Mohale, revealed on Monday that business contributed R1.9-trillion to the country’s GDP, employing seven times more people than government. “We are saying business is the answer, not the enemy. Business is going to play its goal... 

Corruption Watch says banking heads must roll over Gupta scandal

By: Megan van Wyngaardt     13th November 2017 Transparency International (TI) and Corruption Watch – TI’s chapter in South Africa – have called for a firm approach to be taken to any banks involved in the country’s Gupta scandal. This follows a recent statement in the UK Parliament that has generated widespread speculation that a major... 

Gordhan says new South African Revenue Service probe may be case of obfuscation

By: African News Agency      8th November 2017 Former finance minister Pravin Gordhan on Tuesday said the inquiry into tax collection and governance at the South African Revenue Service (Sars) announced by his successor Malusi Gigaba risked obfuscating rather than resolving problems at the entity. “It could be a case of delaying dealing with... 

Guptas inflated Oakbay price through trading by Singapore firm

By: Bloomberg     2nd November 2017 The Gupta family inflated the share price of a company it controlled on its Johannesburg Stock Exchange debut by lending money to a Singapore firm to be used to trade the equities. That came ahead of plans to raise funds for a uranium mine. The Guptas, who are embroiled in a corruption scandal... 

Nonkululeko Nyembezi appointed as first black woman to chair Alexander Forbes

By: African News Agency      1st November 2017 South African financial services group Alexander Forbes on Wednesday announced the appointment of veteran business executive Nonkululeko Nyembezi as the new independent nonexecutive chairperson with effect from January 1, 2018. Nyembezi will become the first woman to chair the board in the... 

KPMG ‘rogue unit’ report grossly unfair to former finance minister Gordhan – Ramaphosa

By: African News Agency      20th October 2017 Deputy President Cyril Ramaphosa on Thursday said a report compiled by auditing firm KPMG for the South African Revenue Service into the existence of a “rogue spy unit” was “grossly unfair” to former finance minister Pravin Gordhan. The KPMG report , which insinuated that Gordhan knew of a... 

KPMG scandal could be the tip of the iceberg 

By: Aubrey Matshiqi     20th October 2017 The KPMG scandal is an example of what happens when accounting meets the profit imperative. It is also an example of what happens when the profit motive, accounting and politics meet. That said, I am happy that members of Parliament's Standing Committee on Public Accounts (Scopa) are not as... 

South African mining industry still not spending enough on R&D

By: Mia Breytenbach     6th October 2017 While South Africa has increased its investment in mining research and development (R&D) since 2014, the country’s investment is still below that of its peers, delegates heard during a panel discussion on ‘Technological Innovation and Advancements in the Mining Industry’ at the Joburg Indaba, on... 

SA business ‘complicit’ in looting of State – Jay Naidoo

By: African News Agency      5th October 2017 Activist for social justice, Jay Naidoo, on Thursday urged the South African business community to find its moral compass and not be complicit in the looting of the State by greedy individuals. Naidoo, who was founding general secretary of the Congress of South African Trade Unions (Cosatu) and a... 

Govt bailouts won’t help SAA, says former finance minister Trevor Manuel 

By: African News Agency      3rd October 2017 Former South African finance minister, Trevor Manuel, said on Tuesday that government bailouts would not help the country’s state-owned airline to escape its troubles, insisting that South African Airlines (SAA) needed to get serious about its corporate governance. This comes after the South... 

McKinsey told Eskom of transparency risk at Trillian Capital

By: Bloomberg     3rd October 2017 Eskom Holdings continued to pay Trillian Capital Partners even after McKinsey & Co warned the South African State power company that it had concerns over transparency at the project development partner. Letters written in March 2016 by McKinsey to Eric Wood, the chief executive officer of... 

South African business confidence hit by political uncertainty and corruption – analyst

By: African News Agency      28th September 2017 Business confidence in South Africa was at an all-time low as a result of political uncertainty, poor economic performance, policy confusion and a general lack of leadership, a turnaround strategist said on Thursday. Alastair Macduff, chairperson and CE of the Turnaround Management Association... 

BLSA suspends 'corrupt' Eskom and Transnet

By: News24Wire      28th September 2017 Business Leadership South Africa on Thursday booted out State-owned entities Eskom and Transnet for their involvement in corruption and State capture with immediate effect. The announcement comes as BLSA launched its #BusinessBelieves campaign in Cape Town, where it signed a “contract” with South... 

Auditing firm cuts ties with Gupta’s Oakbay

By: Sane Dhlamini     27th September 2017 The board of auditing firm Sizwe Ntsaluba Gobodo (SNG) has resigned as auditors of Gupta-owned Oakbay Resources and Energy Limited and its related entities. The auditing firm’s statement stipulates that this decision was made after a thorough assessment of its relationship with the company which... 

Corruption rampant in South Africa – Corruption Watch

By: Anine Kilian     19th September 2017 There is a multiplicity of factors that drive corruption in both public and private institutions throughout South Africa, nongovernmental organisation Corruption Watch chairperson Mavuso Msimang said on Tuesday. Addressing delegates at the ninth Chartered Secretaries Southern Africa Corporate... 

Good corporate governance key to fighting corruption

By: Anine Kilian     18th September 2017 Poor corporate governance at State-owned enterprises (SoEs) has become endemic, Chartered Secretaries Southern Africa (CSSA) CEO Stephen Sadie said on Monday. He told delegates at the ninth CSSA Premier Corporate Governance conference, in Johannesburg, that good governance at public sector... 

African copper, nickel mines on Coal India radar as miner diversifies

By: Ajoy K Das     18th September 2017 Having decided to evolve into a diversified resource major from a pure play coal miner, Coal India Limited (CIL) has identified copper and nickel mines in Africa for its maiden overseas foray into noncoal minerals. KPMG has been appointed to prepare the roadmap that will see CIL emerge as a... 

KPMG South Africa shakes out top management over Gupta scandal

By: Reuters     15th September 2017 Global auditor KPMG cleared out its South African leadership on Friday after damning findings from an internal investigation into work done for the Guptas, businessmen friends of President Jacob Zuma accused of improperly influencing government contracts. KPMG's investigation did not identify any... 

McKinsey, KPMG targeted as South Africa graft scandal widens

By: Bloomberg     15th September 2017 After helping topple one of Britain’s best known public-relations companies, South African anti-corruption groups are now targeting US consultancy McKinsey & Co. and auditing firm KPMG for doing work for businesses tied to the Gupta family and President Jacob Zuma’s son. The Guptas, originally... 

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