South Africa’s Standard Bank weighs ties with McKinsey, SAP

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The logo of South Africa's Standard Bank is seen above the company's headquarters in Cape Town, South Africa May 6, 2016. REUTERS/Mike Hutchings/File Photo

JOHANNESBURG (Reuters) – South African lender Standard Bank is considering whether to cut ties with its IT software supplier Germany’s SAP and consultant McKinsey, it said on Friday.

SAP and McKinsey, along with KPMG, are ensnared in an influence-peddling scandal involving the Gupta family, who are close friends of President Jacob Zuma.

The Guptas and Zuma have denied any wrongdoing.

“We will not continue these relationships unless we receive satisfactory explanations and are certain that necessary and proportionate remedial action is being taken,” Standard Bank said in statement.

The bank has said it is considering cutting ties with KPMG.

Reporting by Tiisetso Motsoeneng; Editing by James Macharia

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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