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.

Already have an active account? Log in here.

Or Sign up and get unlimited access to premium articles.

Botswana registered a second victory at the ongoing Africa Netball Cup. PIC:MORERI SEJAKGOMO

Botswana sends warning to netball opponents

Calistus Kolantsho | 4 h ago

'All to play for' in Gaborone for Mares

Kabelo Boranabi | 9 h ago

Arrested Moeladilotlhoko yet to be charged

Larona Makhaiza | 9 h ago

Zoom Club owner passes on

Larona Makhaiza | 10 h ago

Diamond slump causes P3 billion trade deficit

Mbongeni Mguni | 12 h ago

Mares face hostile crowd in Kenya

Kabelo Boranabi | 14 h ago

Chinese firm muscles into local copper

Pauline Dikuelo | 17 h ago

Botswana beats Kenya in Africa Netball Cup opener

Calistus Kolantsho | 1d ago

Molepolole unrest: Urgent attention on missing person cases

From Jakoba's mysterious disappearance on November 9 to the grim discovery of his remains at Mosinki Lands, a gap in the response mechanisms of the police and village leadership has been laid bare. The community's anger is evident, seen in the attack on Bakang Masole, the man found driving Jakoba's taxi and the main suspect, and the subsequent riot. Residents express discontent, citing a troubling trend of missing persons cases often...

The Monitor Editor | 27 November 2023

About us

Mmegi is the leading independent source of breaking news, latest news, current
affairs, Politics, Business, Sport, debates, analysis, and entertainment news in Botswana.

Explore

More