Auditors Sizwe Ntsaluba Gobodo drop Gupta companies as clients

Troubles are piling up for Gupta-associated companies.

SizweNtsalubaGobodo has become the latest auditing company to ditch the embattled Oakbay, the Gupta family’s holding company.

In a press statement this afternoon, the company announced that its board had taken a decision to resign as the auditors to Oakbay Resources and Energy Limited and all its associated companies, presumably due to reputation risk.

“The board took this decision after a thorough assessment of its relationship with the company which has spanned a period of 18 months,” SizweNtsalubaGobodo said in a press statement. It indicated the decision had been communicated to Oakbay.

The firm said that when it took over the audit duties, “the risks associated with the engagement were evaluated in terms of professional standards” and they also engaged the previous auditor to establish the client’s risk profile. The statement alluded to the fact that recent developments had forced the company to withdraw its engagement.

The firm declined to discuss further details in the statement, in compliance with its confidentiality agreement with the client.

For more news your way, follow The Citizen on Facebook and Twitter.