KPMG clears out South African bosses amid Gupta scandal

Accountancy firm KPMG has removed the leadership team of its South African arm after an internal investigation into work it did for the Gupta family.

Chief executive Trevor Hoole, chairman Ahmed Jaffer, chief operating officer Steven Louw and five other senior partners have all left the firm.

The accountancy and audit firm will also donate the 40m rand (£2.2m) it earned in fees from Gupta-controlled firms to charity and refund 23m rand it earned compiling a controversial report for the South African tax agency.

KPMG is the third major firm to become embroiled in controversy from dealing with the Gupta family's group of businesses, after London-based public relations firm Bell Pottinger fell into administration this week. Bell Pottinger's downfall followed a damning report into its work for the Guptas which led to other companies deserting it.

Pressure is also mounting on US consultancy McKinsey over its dealings with the Gupta family businesses. read more »

Cybersecurity experts weigh in on Equifax's failure to install software fix

Equifax had two months to prevent its massive data breach, but failed to install a software fix flagged by an industry group. Cybersecurity experts say a patch for it was issued in March, but hackers didn't start stealing the sensitive information of up to 143 million Americans until May. read more »

FCA refuses to publish leaked RBS report into disgraced unit that squeezed small businesses

Document revealed 92 per cent of ‘viable’ firms seen by the bank’s Global Restructuring Group experienced ‘inappropriate action’, the BBC has reported

Britain’s financial watchdog has refused to publish a leaked report into the scandal at Royal Bank of Scotland’s controversial restructuring unit, despite demands for its release by an influential committee of MPs. read more »

Ex-restaurateur linked to NYPD probe gets five years for Ponzi scheme

A former Manhattan restaurant owner was sentenced to five years in prison on Friday after pleading guilty to running a $12 million Ponzi scheme, in a case linked to a federal corruption investigation of the New York Police Department.

Hamlet Peralta, 38, was sentenced by U.S. District Judge Katherine Forrest in Manhattan, who also ordered him to pay $5.79 million in restitution to victims. Peralta’s lawyer, Cesar de Castro, had asked for a two-year sentence, although Peralta gave up the right to appeal a sentence of less than five years and three months as part of a plea deal. read more »

Operators of Florida nursing home where 8 died cited for poor care, dubious billing

Operators of a Hollywood, Fla., nursing home where eight elderly patients died after Hurricane Irma were criticized repeatedly by state and federal officials for falling short of federally mandated standards for patient care and for dubious billing practices at both the Hollywood facility and a nursing home in Miami. read more »