KPMG to distribute millions earned from Gupta-related entities

Reading Time: < 1 minute

Embattled auditing firm KPMG is set to distribute the R47-million it earned in fees from Gupta-related entities to civil society.

KPMG said in a statement that an amount of R23-million would be jointly paid to the Democracy Works Foundation, the Social Justice Initiative and the National Business Initiative.

The rest will be distributed to non-profit organisations working in the education sector.

The international auditing firm announced in September last year that it intends to pay back the consulting fees after it was discovered that its work did not meet auditing standards.

KPMG chairperson Professor Wiseman Nkuhlu says the decision is an important step in ensuring redress for the firms actions of the past.

Related Video: