Nov 6, 2017

Barclays and Munich Re criticised for keeping ties with McKinsey and KPMG

Barclays and Munich Re are under fire for choosing to cut ties only with the South African arms of McKinsey and KPMG after the professional services firms became embroiled in a huge corruption scandal in the country. Munich Re, the German reinsurer, also confirmed it would continue to use KPMG to audit its global operations, despite deciding to drop the Big Four accountancy group in South Africa last month. "Iraj Abedian, chief executive of Pan-African Investment & Research, a consultancy, and a former board member at Munich Re of Africa, said:"There is no doubt that there is inconsistency with regard to Barclays and Munich Re. In my view there is more than enough evidence that unethical conduct is not confined to KPMG South Africa. Lumkile Mondi, senior lecturer at the University of Witwatersrand in Johannesburg, added: "We hope the damage done by KPMG and McKinsey in South Africa will influence stakeholders at both Munich Re and Barclays to do the right thing by cutting links with." McKinsey, Barclays and Munich Re declined to comment.

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