KPMG’s South African wing will donate fees from scandal-tied Gupta family December 3, 2018 The South African branch of accountancy firm KPMG said it will redistribute the fees it earned for the country’s scandal-hit Gupta family. KPMG will repay 47 million rand (£2.7m) to several civil society organisations aimed at promoting ethical leadership and accountable governance, and some education non-profits, it announced today. The firm has suffered a series [...]
Has masculine culture changed? The answer lies in our height December 3, 2018 Have you been watching Dynasties on BBC? The first episode followed the plight of David, an alpha male chimpanzee, as he tried to maintain power within his tribe. After one attempted coup, David sustained severe injuries, the likes of which might have killed a human. However, through extreme posturing and canvassing of support from other [...]
PwC loses FTSE 100 client crown in audit pass-the-parcel December 3, 2018 PricewaterhouseCoopers (PwC), the UK’s biggest accountancy firm, has had its crown – holding the highest number of FTSE 100 clients – snatched by rival KPMG. It is the first time PwC has lost its position as the leading auditor of the UK’s top blue-chip firms. KPMG now audits 28 FTSE 100 firms, to PwC’s 27, [...]
Court short: Will Brexit loosen the UK’s legal grip? December 2, 2018 Last Thursday, Russian oligarch Oleg Deripaska squared off against a fellow Russian businessman Vladimir Chernukhin in court 15 of London’s Rolls Building, while in court 28 two Romanian oil companies went toe-to-toe, and in Court 19 a Russian bank litigated against some of its former shareholders. London has developed into a pre-eminent international dispute resolution [...]
UK tech entrepreneur Mike Lynch charged in US over Autonomy deal November 30, 2018 Prominent UK tech entrepreneur Mike Lynch has been charged by US authorities with fraud over the sale of software company Autonomy to Hewlett Packard in 2011. The US Department of Justice filed charges against Lynch yesterday in a San Francisco court. The charges carry a maximum penalty of 20 years in prison and include 14 [...]
Legal sector contributes £26bn to UK economy November 29, 2018 The UK legal services sector grew 8.8 per cent to 342,000 jobs in 2017, an increase of 30,000 year-on-year, according to a report released today by TheCityUk. The output of the UK legal sector in 2016 was £26bn, the equivalent to 1.4 per cent of UK gross value added (GVA). The industry employs 107,000 people [...]
KPMG South Africa appoints new boss as it tries to put scandals behind it November 28, 2018 The troubled South African arm of audit giant KPMG today announced a new chief executive from outside the firm. It appointed the deputy chief executive of PwC’s South African arm, Ignatius Sehoole, as its new boss, taking over from Nhlamulo Dlomu, who is stepping down after a year. KPMG has been rocked by a series [...]
Finally, the inheritance tax system is getting cleaned up – here’s what you need to know November 28, 2018 Inheritance tax (IHT) is not a modern phenomenon – in fact, the first “death tax” dates back to the late 1700s. Since then, IHT has been tweaked and amended, adding layer upon layer of rules. Now, in 2018, we’re caught in a system that is ridiculously confusing, riddled with legacy issues, and in desperate need [...]
Shipping executives convicted in North Sea oil bribery scheme November 27, 2018 Two former executives of shipping company FH Bertling have been convicted for their part in a corrupt scheme to win a ConocoPhillips freight forwarding contract worth over £16m as part of a North Sea exploration project. The Serious Fraud Office (SFO) said today that Stephen Emler and Giuseppe Morreale had pleaded guilty to their part in [...]
BDO’s Paul Eagland on why his firm is Aim-ing for the top November 27, 2018 It’s a bold time to make a merger in the audit sector, but with market reforms and Brexit on the horizon, BDO’s Paul Eagland sees that there can be strength in numbers. Yesterday, the professional services group – currently the sixth-largest in the UK – confirmed it is in “advanced talks” to merge with ninth-place [...]