November 26 2017
KPMG greenlighted three Gupta deals that bore multiple hallmarks of money laundering. In these, suspicious foreign entities paid millions for shares in dormant local shell companies. Our investigations suggest at least two of the transactions were a cover to bring dirty money home. KPMG audited the Guptas’ Oakbay Investments when it received the money – around half a billion rand. The deals were specifically described in Oakbay’s audited financials. KPMG had enough evidence to see that something was wrong – the deals appeared to be fake, as we will explain – yet it did not qualify its audit opinions.
