Sygnia CEO, Magda Wierzycka says what appears to be a blatant abuse of financial processes revealed in reports over KPMPG's dealings with the Gupta's Linkway trading company, should have been noticed.
Asset management company Sygnia, recently ended its relationship with the auditing firm.
KPMG audited the Linkway trading company which allegedly used state money to pay for a lavish family wedding according to leaked emails.
Despite a comprehensive internal review underway, Wierzycka says any responsible board of directors should ask questions.
What I am reading is such blatant money laundering, and such blatant abuse of financial processes, that any audit firm should have picked up.— Magda Wierzycka, Sygnia CEO
Hence I called them in and asked my questions. The answers were terribly the only answer they could give and that is they are investigating and cannot comment until the investigation is concluded.— Magda Wierzycka, Sygnia CEO
She says the audit firm's response is not good enough.
Given where we are in South Africa, in terms of corruption....we don't have time for investigations with a limited scope which are going to be cloaked in a whole lot of disclaimers. There was one thing I was looking for which I didn't get, and that was one fact that is indisputable - the fee that KPMG was paid came from South African tax payers.— Magda Wierzycka, Sygnia CEO
ALSO READ: Why Sygnia fired KPMG
If I was a company of substance I would say given what I now know, whether I did anything wrong or not, I now know that the money that I have taken is blood money. I am going to take that money, I am going to donate it to charity or a civil rights organisation fighting corruption. I am not seeing any of that, I am not seeing any sign of contrition.— Magda Wierzycka, Sygnia CEO
Click on the link below to listen to the full audio....
This article first appeared on 702 : There is no sign of remorse from KPMG - Sygnia CEO