KPMG washes hands of Kingdom Banks demise

Back foot: Senior partner at KPMG Botswana, Nigel Dixon- Warren says they will robustly defend the claim
Back foot: Senior partner at KPMG Botswana, Nigel Dixon- Warren says they will robustly defend the claim

KPMG Botswana says Kingdom Bank Africa Limited (KBAL) was a solvent entity upto 2013 and the audit firm is not responsible for the bank’s bankruptcy.

The audit firm is being sued by the liquidator of Kingdom Bank on behalf of the depositors of the bank, which was closed by the Bank of Botswana (BoB) in 2015 after an audit uncovered  $18.7 million (P200 million) mismatch between assets and liabilities.

In papers filed before Justice Godfrey Radijeng, the liquidator of Kingdom Bank, John Little is claiming $18.1 million from KPMG saying the auditors acted negligently by passing the bank as a solvent entity when it was long in the red.

Editor's Comment
Women's bodies are not a man's playground!

In most of these cases, all this violence is done in the name of love! Love is a beautiful thing and no one who claims to love another can ever wish harm on the object of their affection let alone inflict pain upon them.A few weeks ago, the nation was shaken following the gruesome murder of two little innocent souls by their father, who after that painful act committed suicide. One of the biggest challenges that we face as a nation is that we...

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