By Staff Writer
The Gupta owned business, Oakbay Resources and Energy, has new auditors and they are black! Yesterday, Oakbay, advised its shareholders that SizweNtsalubaGobodo was its new audit firm. This comes after the company was mysteriously abandoned by KPMG, opening the flood gates of financial inquisition on Gupta businesses. KPMG provided bizarre reasons for terminating a 15 year old business relationship with the Guptas. The KPMG CEO Trevor Hoole tried to explain the decision to end the relationship with the Guptas. In a statement she said:
“The recent media and political interest in the Gupta family, together with comments and questions from various stakeholders … have required us to evaluate the continued provision of our services to this group … We have decided that we should terminate our relationship with the group immediately”.
Let’s interrogate this part of the statement briefly. Firstly, why is media interest in ones client a reason to end relations? Businesses are public entities and are always in the media. This reason doesn’t make sense. Secondly, why would you abandon your client because of “political interests”? More importantly, what are these political interests? What is known is that the only political parties which have been running campaigns against the Gupta family and businesses is the Economic Freedom Fighters (EFF) and the Democratic Alliance (DA), both parties are linked to the imperialist agenda driven by the white controllers of the South African economy from London. The EFF specifically made its call for “Guptas Must Go” after it came back from London where it met in secret with the agents of imperialism such as Lord Robin Renwick. The DA and EFF have since announced a possible political unity based on the London agenda of kicking President Jacob Zuma out of office before his time for daring to appoint a minister of finance who was not approved by white capital and for the BRICS project, a project likely to weaken the hegemony of white capital in South Africa. It would appear therefore that by terminating the Gupta contract without valid reasons, KPMG was aiding the political programme of these political parties as conceived by white capital in London.
Another unanalysed aspect of the KPMG statement is the claim that part of the reason to abandon the Guptas was because of “comments and questions from various stakeholders”. As usual the SA media was not interested in asking, who are these stakeholders and what are their interests? The reason for this lack of critical reporting is because the South African media itself is captured by white capital and has abandoned any and all objectivity. It’s now part of the campaign against the Guptas. But, we can reasonably conclude that amongst the unnamed “stakeholders” is the second wealthiest person in Africa, Johann Rupert. This businessman, has made no secret of the fact that he wants the Guptas and Jacob Zuma gone! The question is whether Rupert has in fact brought his financial muscle to bear in encouraging KPMG and subsequently the banks to abandoned Oakbay as a means to hasten a coup against Zuma and his alleged business associates?
What should have surprised all and led to condemnation of KPMG is its statement that, “KPMG confirmed to Oakbay that no audit reason whatsoever contributed to this development.” But the white capital captured media raised no eye brows at all.
This was a pure case of political attack on the Guptas using the weight of white owned financial institutions. White business was also indicating that anyone who offends it shall be punished arbitrarily and no one shall come to the rescue of those under its persecution. The media played the crowd baying for blood and calling for fire at the stake. The Gupta family was guilty because white capital said so.
The economic terrorism against the Guptas by white owned banks was hailed as progressive by regime change spokespersons such as Peter Bruce and Alec Hogg. Bruce wrote a gloating missive for Sunday Times under the headline “Is this the end of the Guptas’ wild ride?” when KPMG abandoned the Guptas. It must be remembered that it was the same Bruce who inadvertently revealed that Hogg was a paid agent of white capital to harass the Guptas. Economic terrorism has its propaganda arm which is carried out by some powerful white media practitioners such Hogg and Bruce and many others in the print media.
Establishing a relationship with auditing firm, SizweNtsalubaGobodo is a master stroke by the beleaguered Gupta family, but also shows a strong sense of independence and confidence by the black owned firm to go against the current of white power and arrogance and enlist the Gupta business. BO predicts that the bulldogs of white capital, otherwise known as the media, are going to let loose on this reputable audit firm with a string of local and international awards and recognitions.
According to it’s website, some of the awards received by SizweNtsalubaGododo include:
- Top Women Awards: In 2014, we were recognised as the “Top Gender Empowered Company: Financial Award”
- BBQ Awards: Recognised as “Best Established Black Business Award”
- ABASA: Over the last eight years in succession, we have been recognised by ABASA for having produced the highest number of black chartered accountants in the medium firm category.
- International Accounting Bulletin Awards: In March 2013, the firm won a joint award for the most “Sustainable firm of the year” at the International Accounting Bulletin Awards.
- Oliver Empowerment Awards: In 2013, the firm won two Oliver Empowerment Awards for being a “Top Empowered Company” as well as a “Corporate Leadership Award”.
SizweNtsalubaGobodo is a solid black firm with solid credentials. It’s a pride of those who take black excellence seriously. Its brave decision shows that if there were serious black players in the economy then white arrogance would have been checked. The Gupta family must still find a JSE sponsor after another white owned firm, Sasfin, joined the inquisition and abandoned them for almost same spurious reasons as KPMG and the banks.
Now that the Guptas have secured the services of a reputable audit firm, will the banks open the accounts of Oakbay? The behaviour of the banks shows just how exposed and vulnerable black businesses and black people are. Blacks do not have a bank of their own. The South African government has done little to ensure that a state bank is properly developed to counter white monopoly over the financial sector. A black bank is now a matter of absolute urgency if black business wishes to free itself from the humiliation suffered by the Gupta family businesses.
The option of nationalising such banks as ABSA (because of its criminal activities under apartheid) shouldn’t be ruled out if South Africa is serious about black empowerment. Black people have shares in ABSA but just don’t know this. Black Opinon shall soon bring you the story of how ABSA was created, partly, with public money.