- The global network of firms that give audit services, KPMG, promised to donate a total of R47 million to civil society
- The money they plan to donate came from fees earned from the Gupta family
- Non-profit educational organisations will receive about half of the money
KPMG, a global network of professional firms that provides audit, tax and advisory services, has pledged to donate the R47 million it earned from the Gupta family to civil society.
The firm announced on 3 December that it will distribute about R23 million it earned from the controversial family to the Social Justice Initiative, the National Business Initiative, and the Democracy Works Foundation.
Fin24 reports that the firm promised to pay back consulting fees after it realised its work was not meeting ethical standards. This was in 2017.
Professor Wiseman Nkuhlu, the firm's executive chairperson said the planned funding is a step towards making up for mistakes of the past.
Briefly.co.za gathered that the rest of the money will be donated to non-profit organisations that work in the education sector.
Out of more than a thousand applications that were sent to the firm, 52 were shortlisted for the funding.
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