by acting judge Nompumelelo Gusha for its shoddy handling of its first “state capture” case, involving Nulane Investments, the Independent Regulatory Board for Auditors wrapped up its third such case at a canter.
In less than an hour, panel chair Ettian Raubenheimer accepted Patel’s settlement, which involved paying a fine and costs of R2.9m and “permanent disqualification from registration as a registered auditor”. Once the Guptas had an audit firm on their payroll, new doors opened. Nkonki, already the auditors of Transnet, soon scored a slew of lucrative contracts from various sources, including Eskom, into which the Guptas had already inserted their claws.
At the time of amaBhungane’s revelations in April 2018, Nkonki’s board described it as a “serious shock” and Patel quit as CEO immediately. But the damage had been done, and Nkonki was liquidated soon after — a rapid implosion for a company that had done so much to put black accountants on the map. 2016 audit of Eskom. Last month, Mthimunye was ordered to repay R5.1m in fines and costs, but can remain an auditor provided he “attends training on public sector auditing”.Michael Marchant, head of investigations at Open Secrets, a nonprofit organisation focusing on private sector corruption, told the FM the Irba sanctions were a welcome contrast to what’s happening in law enforcement.
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