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KPMG disappointed after Sygnia terminates its services

Sygnia fired KPMG over its alleged role in state capture.

KPMG SA logo. Picture: Facebook.

JOHANNESBURG - KPMG says it's disappointed by asset management company Sygnia's decision to end its relationship with the auditing firm.

Sygnia fired KPMG over its alleged role in state capture.

KPMG audited the Gupta's Linkway trading company which used state money to pay for a lavish family wedding according to leaked emails.

KPMG says in light of the recent state capture allegations, a comprehensive internal review is underway.

CEO Trevor Hoole says the firm takes the allegations seriously and appreciates the difficult socio-political circumstances that accompany any association with the Guptas.

So far, the review has not found any unethical behaviour by KPMG partners or staff, but the company will take immediate action if necessary.

Sygnia meanwhile decided to terminate KPMG's services after asking difficult questions about the firm's business with the Guptas and how it could have missed a big money laundering exercise.