KPMG washes hands of Kingdom Bank�s demise

Thursday, October 05, 2017

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.

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KPMG washes hands of Kingdom Bank�s demise

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.