UK FRC fines KPMG £3.2m over failed Quindelll audit

UK’s accounting financial watchdog, the Financial Reporting Council (FRC), has fined KPMG £3.2 million ($4.3 million) on Monday for failings in its audit of Quindell Plc. The fine is coming after KPMG and its employee William Smith, who was fined 84,000 pounds, both failed to ensure that Quindell’s financial statements for 2013 and 2014 were […]

AfDB debars CHINT Electric for 36 months for fraudulent practices

The African Development Bank Group (AfDB) Monday announced that it has debarred CHINT Electric for 36 months for its involvement in fraudulent practices. CHINT Electric Co., Ltd., a power transmission and distribution equipment manufacturer and EPC contractor, upon an investigation conducted by the bank’s Office of Integrity and Anti-Corruption, confirmed that CHINT Electric engaged in […]

Nigeria’s Finance minister to meet with NNPC boss over N37billion revenue

Kemi Adeosun, Minister of Finance,MDAs

Kemi Adesoun, Nigeria’s finance minister, has called for a meeting with Maikanti Baru, the general managing director of Nigeria National Petroleum Corporation (NNPC), over the irregularities in a N37.76 billion revenue. This is coming after the Federation Account Allocation Committee (FAAC) meeting on Tuesday, March 27, 2018, was inconclusive due to discrepancies in revenue presented […]