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SAICA cuts ties with Trillian, returns R1.2m donation

The Gupta-linked firm made the donation in March as a contribution to SAICA’s bursary fund for disadvantaged students.

FILE: SAICA CEO Terence Nombembe. Picture: Facebook.com.

JOHANNESBURG - The South African Institute of Chartered Accountants (SAICA) has told Eyewitness News its paid back a R1.2 million donation made by Trillian earlier this year.

The Gupta-linked firm made the donation in March as a contribution to SAICA’s bursary fund for disadvantaged students.

After a board meeting in July, the institute decided not to accept the money due to the controversies surrounding Trillian.

SAICA sent a letter to Trillian in March, thanking the Gupta-linked company for the R1.2 million donation towards its bursary fund.

In the letter, seen by EWN, the institute thanks Trillian for the role it played in nation building and furthering its efforts for the chartered accountancy brand in South Africa.

SAICA’s CEO Terence Nombembe says the donation was picked up by board members and paid back by August.

“Because of uncertainties related to Trillian, it was important to suspend that association and return the money, to make sure that SAICA is not associated with controversy in terms of the money.”

Nombembe said: “The staff responsible for the issue would not have been aware of the controversy that’s why the board, as part of its cheque and balances, had picked up this particular situation and made the right decision.”

SAICA initiated an independent probe into accounting firm KPMG after it withdrew its South African Revenue Service report and admitted its audits into Gupta-linked companies weren’t up to standard.

(Edited by Zamangwane Shange)