Standard Bank could dump SAP, McKinsey

The bank says its gravely concerned about allegations concerning McKinsey arising from its dealings with Trillian, Eskom and Transnet.

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JOHANNESBURG - Standard Bank says it's considering whether to cut ties with its software supplier Germany’s SAP and consultant McKinsey.

McKinsey, along with KPMG, and business solutions company SAP have been called into question for their work for the Gupta family.

This has already resulted in KPMG losing a number of clients after admitting to flaws in auditing the family's accounts.

Added to this, KPMG withdrew its Sars report on a covert unit after questions were raised.

Standard Bank says it does not consider that KPMG has yet taken sufficient action to begin to restore its reputation.

But it believes that it’s both ethically right and commercially appropriate to allow KPMG to complete an independent probe before it will take any action.

Meanwhile, Standard Bank says its gravely concerned about allegations concerning McKinsey arising from its dealings with Trillian, Eskom and Transnet.

Standard Bank says it will be guided by the outcomes of an investigation led by an independent law firm on whether to continue using McKinsey for consultancy services.

(Edited by Shimoney Regter)