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[LISTEN] Report details looting secrets of banks, auditors

| Senior researcher at Open Secrets, Michael Marchant, says most organisations that have been implicated in economic crimes have internal and external auditing firms.

JOHANNESBURG - Over the years, South Africa has been hit by scandal after scandal, from Net1/CPS illegal contract to disburse grants, to the illicit flow of money, to state capture and the looting of VBS Mutual Bank.

And now an explosive report on economic crimes and corruption by private financial institutions puts together common themes that link corporate criminality, focusing on the role of the private sector in criminalities.

Senior researcher at Open Secrets and editor of the Corporations and Economic Crimes Report Michael Marchant said: “The aim of the report is to show that this is a systematic problem, particularly with financial firms in South Africa. The second aim is to challenge those institutions on the narrative that they put forward. They often present themselves as victims of the process.”

He says most of these organisations that have been implicated in these economic crimes have internal and external auditing firms.

Listen to the audio above for more.

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