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Tag Archives | Zondo commission

Yakhe-Kwinana

IRBA dismissed complaint against SAA’s Kwinana in 2018

The Independent Regulatory Board for Auditors (IRBA) has confirmed that it dismissed a non-audit complaint against former SAA board member Yakhe Kwinana in 2018, “because a lack of evidence at the time of the investigation made it unlikely that the complaint would succeed”. According to the first report published by the Judicial Commission of Inquiry […]

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Collateral damage during state capture should also be explored

Collateral damage during state capture should also be explored

Does repaying fees collected under dubious circumstances absolve companies from resultant damage? My article titled A wolf in sheep’s clothing, published last week, concerned the possible danger of involving firms identified in the Zondo Commission’s first report in assisting the country repair the damage emanating from state capture. I noted specifically that one such company […]

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wolf in sheeps clothing

A wolf in sheep’s clothing?

The release of the first of three publications on the findings of the Zondo commission has certainly put the cat among the pigeons. The last two reports, due for release at the end of January and February, contain even more explosive content about the full extent of state plundering. A Legalbrief Today article reported on […]

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Accountancy body ‘will investigate all members named in Zondo report’

Accountancy body ‘will investigate all members named in Zondo report’

The South African Institute of Chartered Accountants (Saica) says it will investigate all members of the organisation mentioned in the Zondo Commission’s report into state capture. In a media statement on 5 January, Saica said it had initiated an investigation into Yakhe Kwinana, the former chairperson of SAA Technical (SAAT) and an ex-SAA board member, […]

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Nedbank denies any wrongdoing in Acsa transactions

Nedbank denies any wrongdoing in Acsa transactions

Nedbank says it committed no wrong in relation to the interest rate swap transactions it concluded with Airports Company SA (Acsa) between 2009 and 2011. The bank was responding to Acting Chief Justice Raymond Zondo’s recommendation that the law enforcement agencies should investigate Nedbank and its employees for their alleged role in a “corrupt” contract […]

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PwC admits it failed to do its job properly at SAA

PwC admits it failed to do its job properly at SAA

PricewaterhouseCoopers (PwC) has admitted that it dropped the ball in failing to identify corruption at SAA when it audited the company’s books between 2012 and 2016. In part 1 of his report on state capture, Acting Chief Justice Raymond Zondo said PwC and its joint-audit partner, Nkonki Inc, “failed dismally” to detect the rampant fraud […]

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