South Africa: The Walls Close in Around Iqbal Survé As Bdo Sever Ties

analysis

In a move reminiscent of the start of the decline of the Gupta empire, Iqbal Survé's long-time auditors have dumped him.

BDO Partners, the auditors of the companies that form part of Iqbal Survé's media and business empire, announced on Thursday, October 17 they would not be seeking the renewal of their mandate for AYO Technologies, Independent Media, Premier Fishing, and most crucially, Survé's personal vehicle, Africa Equity Empowerment Investment Limited.

No reasons were given for the move. The mandate expires at the end of December. BDO has technically been the auditors of the group for the past decade. Formally, the group has been auditing the companies for 18 months and inherited the client when BDO merged with Grant Thornton, the previous auditor.

Chief Executive Officer of the auditing firm, Mark Stewart, said: "It is important to note that all matters between BDO South African and our clients are absolutely confidential and we are bound to respect such confidentially at all times."

Yet, the decision itself speaks volumes.

Survé's head office was raided by South Africa's financial market conduct regulators this month in a search and seizure operation. The office houses Sekunjalo Investment Holdings, which is not a BDO client,...

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