Banks and auditors implicated in state capture

Nedbank, PricewaterhouseCoopers, and Bain& Co are some of the companies that have been named in the state capture inquiry report.

The companies are accused of misconduct involving state-owned entities at the peak of state capture.

The commission found no evidence that Nedbank ever asked for proof that the Airports Company had authorized a dodgy contract with Regiments.

Nedbank has denied any wrongdoing despite a recommendation from the State Capture Inquiry that authorities investigate the bank and its employees for their alleged role in a “corrupt” contract.

In a statement Nedbank said: “We take note of the concerns expressed by the Zondo Commission… there has been no wrong-doing on the part of Nedbank in relation to these transactions.”

Meanwhile, PwC was found to have failed to adequately act as a watchdog over SAA’s books.

In its statement, the company said “PwC holds its partners to a high standard and we are disappointed that the audit of SAA did not meet the standards we expect of ourselves… We have learnt important lessons from this matter…”

US firm Bain and CO is said to have played a role in the collapse of SARS.

But the company says “ …we are disappointed that Part I of the commission’s report mischaracterizes Bain’s role at SARS. While we made mistakes in our work with SARS, we remain confident that we did not in any way willfully or knowingly support state capture at SARS or elsewhere.”

Source: eNCA

In other news – VIDEO: SA rich kid drives Porsche to school

Yesterday was the first day of school for many Mzansi learners and the day was quite eventful as always. A Grade 12 learner is currently trending on social media after she posted on Instagram how she is showing up to school.

The leaner who goes by the username @Yanda.Woods took to social media to show off that she was driving to her first day of matric with a Porsche, carrying a Christian Dior bag for her books and wearing Louis Vuitton shades. Learn More