The fallout from the Public Investment Corporation’s (PIC) controversial Lanseria Airport valuation has deepened, with Parliament now being told that the Auditor-General’s own external auditor is the same individual named in the disputed transaction.
The Auditor-General of South Africa (AGSA) has informed Parliament that the head of its external audit function, Gary Kartsounis, has been identified as the external auditor linked to the controversial Lanseria Airport valuation involving the PIC.
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The development adds another layer to the ongoing scrutiny of the PIC, where the Lanseria valuation has already triggered forensic investigations, legal battles and governance concerns.
Kartsounis, a partner at audit firm Crowe, was named in adverse findings relating to the valuation of Lanseria Airport, which allegedly inflated the value of the asset by around 400 percent.
The valuation forms part of the broader controversy surrounding the PIC’s investment in the airport and has been central to recent governance disputes at the state asset manager.
The Auditor-General said that it has disclosed the matter to Parliament’s Standing Committee on the Auditor-General and has implemented additional quality control measures to manage any potential conflict of interest.
However, the institution said Kartsounis had not been dismissed, as there had been no finding of professional misconduct against him.
The matter also comes as suspended PIC chief executive Patrick Dlamini challenges his suspension in court, with the Lanseria deal remaining at the centre of several investigations.
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