KPMG denies involvement in recent Banking Awards

Auditing power brand, KPMG, says it has not been involved with the Ghana Banking Awards since 2012.

The clarification by the audit firm follows allegations on social media — and in the wake of the collapse of five banks last week — that KPMG served as auditors for the awards, having done so in the past.

Last year, uniBank, one of the collapsed banks won the Long Term Loan Finance award at the 2017 Ghana Banking Awards.

KPMG critics say are questioning how a bank could win such an award and collapse a year later.

However, in a press statement issued in Accra on Tuesday by a Senior Partner of KPMG, Amanor Dodoo, the global network of audit firms indicated that it did not provide data to the organisers of the Ghana Banking Awards, Corporate Initiative, for the 2017 edition.

KPMG described as, “misleading social media information attempting to link the 2017 Banking Awards to the recent Banking Resolutions made by the Bank of Ghana, through false allegations about KPMG.”

“We are by this correspondence seeking to inform you of the facts related to this matter,” stressed KPMG.

“The misinformation seeks to link KPMG as analysers of the 2017 Ghana Banking Awards and evaluators of the performance of some banks recently affected by Bank of Ghana’s Resolution actions and, therefore questions the present role of KPMG in assisting the Central Bank in the related engagements,” it said.

The statement explained that KPMG supported the organisers of the Ghana Banking Awards from 2001 until 2012 and that KPMG has since 2013, not been involved in the organisation of the Ghana Banking Awards.

“For the record, we also wish to state that KPMG is not the Auditor of any of the affected banks. Please disregard this malicious information,” the statement added.

KPMG appointed new managers of Unibank

Prior to its merger with four other banks to form the Ghana Consolidated Bank over liquidity issues, the Bank of Ghana announced that it has taken over the management of Unibank.

The Governor of the central bank explained at a press conference, the takeover was due to challenges facing the bank.

He mentioned weak supervisory standards and weak operations as the cause of the challenges.

“In exercise of its powers under Sections 107 and 108 of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) the Bank of Ghana has, effective today 20th March 2018, appointed KPMG as Official Administrator for UniBank Ghana Limited (UniBank),” the central bank opened a press statement it issued on the take over of Unibank.

KPMG as Official Administrator assumed control of the bank and all its branches.

It was mandated to carry out the responsibilities of the shareholders, directors, and key management personnel of UniBank with effect from today.

“In line with its powers under Act 930, KPMG will ascertain the state of the bank’s assets and liabilities, and exercise a variety of powers under Act 930 to rehabilitate and return the bank to regulatory compliance and viability within a period of six months, at the end of which the bank will be returned to private ownership and management,” the BoG statement said.

Source: Myjoyonline.com