Financial services firm Alexander Forbes has been hard hit on the JSE this week following a scandal involving its now former non-executive chair Moses Kgosana.
Shares in Alexander Forbes were down over 5% in trade today in a week in which Kgosana resigned from the company’s board. Kgosana was due to take the role of chair at the end of August.
However, Kgosana has found himself embroiled in the Gupta email leaks scandal during his time at KPMG. The latter company is now facing allegations that it turned a blind eye to money laundering.
Kgosana’s resignation is admirable (especially in a climate where politicians have been accused of far worse). But it begs the question: What further damage will the Gupta stench inflict on corporate South Africa?