By: Natasha Archary
KPMG South Africa says no bursary recipients will be affected despite former employee, Fidelis Moema allegedly siphoning R16.5 million from its bursary fund.
Moema who was dismissed from the audit firm on 11 November 2022, is accused of misdirecting the funds into the bank accounts of friends and business owners between 2021 and 2022.
The money was then allegedly paid back into his personal bank account.
His dismissal from KPMG followed an internal disciplinary process related to non-compliance with firm policies.
KPMG identified potential fraud commited by Moema and a forensic investigation ensued which resulted in the matter being handed over to relevant authorities in February 2023.
Moema handed himself over to the Hawks and appeared at the Palm Ridge Magistrates Court this week for theft, fraud and money laundering.
In a statement issued on Friday, 05 April KPMg assured the public that bursary recipients were not affected by Moema’ alleged actions.
“With regards to the bursaries, all monies misappropriated was through an elaborate scheme of fictitious accounts, over-riding of internal controls and deliberate conclusion with external parties.
KPMG’s approved bursars have not been impacted, the firm has honoured all its commitments and the bursary programme will continue to support students in enhancing their profession.
The most disappointing aspect of this situation is the lost opportunity to assist additional students.”
— KPMG South Africa (@KPMG_SA) April 5, 2024
Fidelis Moema was living large with the money he allegedly siphoned from KPMG and reportedly splurged on a helicopter gender reveal, bought a Range Rover for his girlfriend and took a fancy holiday with her to Greece.
The Hawks say while Moema is the main suspect, they expect more arrests to be made as the investigations continue.
Also read: Mapisa-Nqakula out on R50K bail because prison would be “cruel punishment” for her
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