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South Africa's Hulisani drops KPMG due to reputational risk
September 19, 2017 / 12:46 PM / a month ago

South Africa's Hulisani drops KPMG due to reputational risk

JOHANNESBURG (Reuters) - South African energy investment company Hulisani Ltd (HULJ.J) plans to drop KPMG [KPMG.UL] as its auditor, citing reputational risk, its chief executive said on Tuesday.

FILE PHOTO: The KPMG logo is seen at the company's head offices in Parktown, Johannesburg, South Africa, September 15, 2017. REUTERS/Siphiwe Sibeko/File Photo

“The risk committee looked at various factors, including what’s in the media now about KPMG and the Guptas and we concluded that it would be in best interests of the company to change auditors,” Chief Executive Marubini Raphulu told Reuters.

KPMG cleared out its South African leadership en masse on Friday after a damning internal investigation into work the firm did for the Guptas, businessmen friends of President Jacob Zuma.

Reporting by Tiisetso Motsoeneng, editing by Louise Heavens

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