File Image: KPMG logo
File Image: KPMG logo

KPMG feels the wrath with Sibanye-Stillwater exit

By Reuters Time of article published May 4, 2018

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CAPE TOWN - Sibanye-Stillwater said on Friday that it would this year start a process of finding a new external auditor for 2019 to replace KPMG’s scandal-hit South African arm.

The mining company said it plans to launch the search for a new auditor after its annual meeting with shareholders on May 30. 

“Following the ongoing and more recent VSB Bank developments, the Sibanye-Stillwater Board wishes to advise shareholders that a process of selecting a new independent external audit firm for the Group, with respect to the financial year ending 31 December 2019, will commence following the AGM on 30 May 2018,” said Sibanye in its statement.

This follows a list of major clients who have dropped the auditing firm, including Barclays Africa.

Early on Friday, Redefine Properties also dropped the embattled firm. 

"JSE listed diversified Real Estate Investment Trust (REIT) Redefine Properties (JSE:RDF) has announced its decision to place auditors KPMG on notice. Redefine’s board has resolved to terminate its association with KPMG", said the statement. 

READ ALSO: Redefine cuts business ties with KPMG

READ ALSO: KPMG dropped by ABSA parent Barclays Africa Group

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