Business Ecobank under investigation by SEC,KPMG

KPMG, a leading accounting, audit and management consulting firm, has been appointed by the Securities and Exchange Commission as part of its team for the ongoing investigation of Ecobank Transnational Incoporated.

It will be recalled that Ecobank Transnational Incoporated was recently accusedby the SEC for mis-statement in its 2012 account performance.

The Communications Adviser, SEC, Mr. Obi Adindu, confirmed this development in response to a text message sent by our correspondent.

The statement said, “SEC wishes to inform the investing public that the ETI corporate governance investigation is progressing.”

“The regulator is on top of the issues and has engaged the authorities of Ecobank on the corporate governance and investor protection issues thrown up by the reports,” he stated.

On the other hand, ETI has faulted the accusation, insisting that there was no misstatement in its 2012 accounts.

A statement from the ETI said that its results were compiled in accordance with the global reporting standards, adding that the report was endorsed by a reputable auditing company.

“The ETI has responded to speculation in the media about its 2012 accounts. The 2012 consolidated accounts of the ETI were audited and certified independently by Price Waterhouse Coopers, it said.
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