Institute of Directors breaks off ties with KPMG, pending outcome of probe

The Institute of Directors has temporarily suspended all co-branded activities with the auditing firm KPMG.

KMPG was allegedly involved in syphoning taxpayer's money to pay for a lavish Gupta family wedding at Sun City.

The Institute of Directors has suspended KPMG's sponsorship of events with KPMG, including the firm's scheduled golf day next month which has been cancelled.

Read: KPMG under fire for alleged role in state capture

The institute has also suspended KPMG's involvement in the audit committee forum, reports EWN's Gia Nicolaides.

This is not the first blow for KPMG. In July, assets management firm Sygnia cut ties with the auditing company.

Also read: Why Sygnia fired KPMG

The Institute of Directors says it will wait for investigations to be completed, before deciding on whether to permanently suspend relations with KPMG.

Take a listen to the EWN update:

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