SEC appoints KPMG to handle ETI investigation

The Securities and Exchange Commission has announced the appointment of KPMG as part of its team in the ongoing investigation of Ecobank Transnational Incorporated.

A statement by SEC on Sunday explained that the services of the consulting firm were needed to conclude the investigation in good time.

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

'The re  gulator is taking all necessary steps to speedily conclude the investigation into the alleged corporate governance breaches at ETI.

'In this respect, the services of KPMG, a leading accounting, audit and management consulting firm, were recently retained to complement the efforts of SEC.'

Since last month, SEC had been investigating the ETI over an alleged misstatement of its 2012 performance.

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

'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.

However, in a swift reaction, ETI had insisted 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.