Home Finance KPMG dissociates with the Guptas

KPMG dissociates with the Guptas


Since Mcebisi Jonas announced the Gupta family tried to offer him a ministerial position in the public, it seems like the family will very soon see a lot business ties cut due to a speculations of state capture.

Earlier this week, the First National Bank (FNB), a unit of the FirstRand has cut business ties or rather accounts with the Gupta family’s investments company, Oakbay Investment, without justifying their reasons to their actions. The Gupta family is now moving all their accounts at FNB to a more understanding institution, Oakbay Investments said in a statement.

Last week, KPMG, a professional auditing service company also cut ties with Oakbay Investment (a Gupta company) due to their relationship with president Jacob Zuma becoming the first private company in South Africa to do so. “it could not afford to be associated with the Gupta family.” said in a statement.

That’s not all, yet just after the KPMG disconnected their business partnership the Oakbay Investment (a Gupta company), Barclays Africa. followed with their decision of cutting ties with the family’s business making it the second company to dissociate with them