JUST IN: KPMG to donate millions in Gupta fees to civil society

Auditing firm KPMG said on Monday it will be distributing the R47m it earned in fees from Gupta-related entities to civil society.

In September 2017, the troubled international auditing firm committed to pay back the consulting fees after it was discovered that its work did not meet auditing standards.

KPMG said in a statement that an amount of R23m would be jointly paid to the Democracy Works Foundation, the Social Justice Initiative and the National Business Initiative.

“The funding is an important step in ensuring redress for the actions of the past," said executive chairperson Professor Wiseman Nkuhlu.

The other half would be distributed to non-profit organisations working in the education sector, in a process that involved a "consultative process with the broader civil society group".

A total of 52 out of over 1 000 applications have been shortlisted for the funds.

• READ: KPMG cuts ties with Gupta business empire

“We appreciate the inputs that civil society organisations have made into this process, and the broader role they are playing in addressing corruption in business and society,” said Nkuhlu.

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