Former KPMG CEO, Tever Hoole. Linkedin
Former KPMG CEO, Tever Hoole. Linkedin
Ajay and Atul Gupta   File photo: Independent Media
Ajay and Atul Gupta File photo: Independent Media
CAPE TOWN - Trevor Hoole, the South African CEO of KPMG has tendered his resignation.

Nhlamu Dlomu has been asked to take over from Hoole.

This comes after a number of scandals involving the Gupta family and the handling of the Sars report, according to Business Day. This move by KPMG is seen as one of the first big steps the company is taking to restore its tarnished reputation and to clean out its management.


On Friday KPMG said it was incorrect in how they handled the Gordhan "rogue unit" report. Sars asked KPMG to investigate allegations of a rogue unit, apparently created by Pravin Gordhan when he was Sars commissioner.


The former finance minister was taken to task over the alleged unit, but was eventually charged with an administrative issue over the hiring of former deputy commissioner Ivan Pillay and his pension package. Nine senior executives from KMPG have either left the company or have been let go after the companies involvment with the Gupta family.

Steven Louw the Chief Operating Officer and country risk manager has also been let go. The following partners will be leaving the firm, according to Fin24.

Mike Oddy, Head of Audit and Board member, Muhammad Saloojee, Head of Tax and Board member, Herman de Beer, Former Head of Forensic and Board member, John Geel, Head of Deal Advisory and Mickey Bove, Risk Management Partner for Deal Advisory.


“KPMG South Africa has decided to take disciplinary action seeking dismissal in relation to Jacques Wessels, the Lead Partner on the audits of the non-listed Gupta entities,” the firm said on Friday.

“We were only the doers‚” KPMG SA interim chief operating officer Andrew Cranston said in a briefing on Friday.

Cranston said that KPMG would pay all the money they had made from the Gupta family back to SA.

He said he will explain how these funds will be divested shortly.

This is a developing story

View some of the reactions about the resignation of KPMG's CEO from Twitter below:

 

 





-BUSINESS REPORT ONLINE