African Rainbow Minerals (ARM) on Monday, announced a decision to terminate its relationship with embattled auditing firm KPMG, citing governance and ethics compliance following “careful consideration”
“ARM has noted with concern the questions raised about KPMG’s governance and ethics compliance as well as allegations regarding the lawfulness of KPMG’s conduct,” ARM said in a statement.
ARM is a South African diversified mining and minerals company that mines and beneficiates iron ore, manganese ore, chrome ore, platinum group metals (PGMs), copper, nickel and coal.
ARM also produces manganese and chrome alloys, and has an investment in gold through its shareholding in Harmony. It is owned by South African billionaire Patrice Motsepe.
KPMG has been losing clients weekly since it withdrew its controversial report on a “rogue spy unit” within the South African Revenue Service (Sars), and also being implicated in covering money laundering in Gupta-owned businesses.