Former South African Airways (SAA) board member Yakhe Kwinana is in hot water as the South African Institute of Chartered Accountants (Saica) confirms an investigation is underway following the allegations of corruption against him in the report of the State Capture Commission of Inquiry.
“Saica gave him the opportunity to make representations following previous media reports following his appearance before the Zondo Commission in November 2020. To date, no such response has been received,” a- he declared.
Kwinana has gone viral for using a “big cake” commission analogy to justify canceling a R85 million tender and transferring it to the Air Chefs subsidiary without a tender.
READ ALSO: Yakhe Kwinana, Former SAA Board Member, Denies Demand for R100 Million Bribe
Acting Chief Justice Raymond Zondo asked Saica to determine whether Kwinana had “the requisite knowledge and appreciation of his obligations” to practice as a chartered accountant.
“The commission believes that the answers she gave to certain questions during her testimony revealed that she had no idea of some of the basic obligations that she should know as a public accountant,” said Zondo said.
“Or she knew about these obligations but dishonestly claimed she didn’t know about them because it was convenient to do so.” “Either way, Saica should be interested in investigating the matter.”
According to the report, Kwinana likely received “corrupt payments” which “were made in exchange for decisions she was involved in and which benefited the entity that made the payments.”
The report said: “Ms Kwinana did not provide any plausible explanation as to why, as President of SAAT and member of the SAA Board of Directors, it was legal and appropriate for her to have received payments from her. ‘an entity and persons affiliated with it, that was a supplier of SAAT.
Saica chief executive Freeman Nomvalo said the profession of public accountant was the subject of debates over how to maintain professional independence.
“Adherence to the highest standards of ethical conduct, professional integrity and the avoidance of conflicts of interest must remain the foundation of the accounting profession.
“Saica expects all of its members to uphold these values in all professional circumstances.
“All members found guilty of violating Saica’s Code of Business Conduct will be held accountable without fear or favor, including all members mentioned in the full report of the Zondo Commission. “