Staff of Gupta-Linked South Africa Auditor Nkonki Fight Closure

Published in

Employees at South African audit firm Nkonki Inc. applied to a Pretoria court to block the company’s liquidation and have it put into administration instead so there’s a chance the business can be rescued, according to a court filing. The auditing profession is under pressure in South Africa with Nkonki and the local unit of KPMG LLP losing clients after being linked to the politically connected Gupta family, Bloomberg News reported. Deloitte & Touche LLP is also under scrutiny for having audited scandal-ridden South African retailer Steinhoff International Holdings NV. Last month South Africa’s Auditor-General ended its contract with Nkonki following reports that a management buyout, led by the firm’s former Chief Executive Officer Mitesh Patel, was funded by an associate of the Gupta family. Read more.