Saica starts disciplinary proceedings against former Eskom CFO Anoj Singh

The South African Institute of Chartered Accountants has announced disciplinary proceedings against former Eskom CFO Anoj Singh.

Following a period of investigation, the professional body has decided to issue charges of misconduct against the chartered accountant, according to a statement issued by Saica.

According to Saica’s professional conduct committee or disciplinary committee, Singh is charged for conducting himself in a way that is “discreditable, dishonourable, dishonest, irregular or unworthy, or which is derogatory to the Institute, or tends to bring the profession of accountancy into disrepute”.

READ MORE: Singh, the shadow in the Molefe and Gupta scandals

Singh was also charged with failing to “maintain and adhere to the fundamental principles in the Saica Professional Code of Conduct for Chartered Accountants”.

In terms of the code of conduct, Singh is in contravention of several grounds.

Singh has 21 days to respond to Saica with a response to the charges. The Saica secretariat will then review the responses and table it for adjudication by the professional conduct committee.

The disciplinary hearing will take place once the details are confirmed, however these hearings are not open to the public, Saica said.

“Accused members appearing before the Professional Conduct Committee are not permitted legal representation,” the statement read.

If the committee is not pleased with Singh’s responses to the charges, it can impose a R250 000 fine per charge, suspend Singh from membership for not more than a year or refer a formal complaint to the Disciplinary Committee. Hearings before the disciplinary committee are open to the public at the chairperson’s discretion, Saica said.

READ MORE: How to eat a parastatal like Transnet – chunk by R600m chunk

Singh has been a member of Saica since January 2000. Saica had investigated Singh for improper conduct after the Organisation Undoing Tax Abuse had laid a complaint against him in September 2017, Fin24 previously reported.

Saica explained that in terms of the code of conduct, Singh is in contravention of several grounds — integrity, objectivity, confidentiality and professional behaviour.

Saica said with regard to integrity, Singh failed to disclose to the Eskom board of directors the true reason for Tegeta’s request for R600-million from Eskom.

“Mr. Anoj Singh was knowingly associated with reports, returns, communications or other information where he knew or believed, or ought reasonably to have known, that the information contained a materially false or misleading statements; contained statements or information furnished recklessly; or omitted or obscured information required to be included where such omission or obscurity would be misleading.”

After becoming aware that he is associated with such information, he also failed to take steps to disassociate from the information, Saica explained.

With regard to objectivity, Singh compromised his professional or business judgement because of “bias, conflict of interest or the undue influence of others”. Singh was also found to have performed a professional service where “a relationship bias unduly influenced his professional judgement”.

Thirdly, Singh was in contravention of the principle of confidentiality when he disclosed confidential information he acquired from professional and business relationships without having the proper and specific authority to do so.

He also used the information to his personal advantage or the advantage of third parties.

READ MORE: Whistleblower outlines Eskom’s guide to milking state enterprises

“[He] failed to take reasonable steps to ensure that staff under his control and persons from whom advice and assistance is obtained respected his duty of confidentiality.”

Finally, Saica found that Singh’s professional behaviour was compromised when he failed to comply with relevant laws and regulations. He also failed to avoid conduct that he knew or should have known would discredit the accountancy profession.

“This includes conduct that a reasonable third party, weighing all the specific facts and circumstances available to him at that time, would be likely to conclude adversely affects the good reputation of the profession.”— Fin 24

PW Botha wagged his finger and banned us in 1988 but we stood firm. We built a reputation for fearless journalism, then, and now. Through these last 35 years, the Mail & Guardian has always been on the right side of history.

These days, we are on the trail of the merry band of corporates and politicians robbing South Africa of its own potential.

To help us ensure another 35 future years of fiercely independent journalism, please subscribe.

Lameez Omarjee
Lameez Omarjee
Parliamentary reporter at Fin24.com
Advertisting

‘My biggest fear was getting the virus and dying in...

South African Wuhan evacuee speaks about his nine-week ordeal

Border walls don’t stop viruses, but a blanket amnesty might

Why South Africa should consider amnesty for undocumented migrants in the time of the coronavirus outbreak.

Mail & Guardian needs your help

Our job is to help give you the information we all need to participate in building this country, while holding those in power to account. But now the power to help us keep doing that is in your hands

Press Releases

The online value of executive education in a Covid-19 world

Executive education courses further develop the skills of leaders in the workplace

Sisa Ntshona urges everyone to stay home, and consider travelling later

Sisa Ntshona has urged everyone to limit their movements in line with government’s request

SAB Zenzele’s special AGM postponed until further notice

An arrangement has been announced for shareholders and retailers to receive a 77.5% cash payout

20th Edition of the National Teaching Awards

Teachers are seldom recognised but they are indispensable to the country's education system

Awards affirm the vital work that teachers do

Government is committed to empowering South Africa’s teachers with skills, knowledge and techniques for a changing world

SAB Zenzele special AGM rescheduled to March 25 2020

New voting arrangements are being made to safeguard the health of shareholders

Dimension Data launches Saturday School in PE

The Gauteng Saturday School has produced a number of success stories