Multimillion rand bursary fund: Recipients not affected by latest fraud scandal, confirms KPMG

JOHANNESBURG - Auditing firm KPMG South Africa says none of the bursary recipients eligible to receive funds from the R16.5 million defrauded by an employee are affected.

Former KPMG employee Fidelis Moema was dismissed in 2022 from the financial institution following an internal investigation.

He handed himself over to the Hawks in Johannesburg and appeared in the Palm Ridge Magistrates Court earlier this week for theft, fraud and money laundering.

It’s alleged that Moema misdirected funds meant for bursary recipients between 2021 and 2022 and would pay the money into the bank accounts belonging to friends and individuals who own companies.

KPMG says it has honoured all its commitments, and the bursary programme will continue to support students in enhancing the profession.