KPMG South Africa managers resign over Gupta scandal

A protest against President Zuma in Cape Town this year after he dismissed his minister of finance Pravin Gordhan. The Gupta brothers have been accused of using their friendship with the president to attract state contracts

The firm's head for People and Change, Nhlamu Dlomu, will replace him.

"I absolutely understand that ultimate responsibility lies with me", Hoole said in a statement.

"This has been a painful period and the firm has fallen short of the standards we set for ourselves, and that the public rightly expects from us".

Also leaving the firm are: Mike Oddy, head of audit; Muhammad Saloojee, head of tax; Herman de Beer, former head of forensic; John Geel, head of advisory; and Mickey Bove, risk management partner for deal advisory.

The firm has also chose to take disciplinary action seeking dismissal in relation to Jacques Wessels - the lead partner on the audits of the non-listed Gupta entities.

The investigation looked into its work on behalf of the Guptas as well as for SARS.

The firm's worldwide network launched an internal investigation after leaked emails showed a Gupta-owned company, Linkway trading had used laundered money from the state to pay for a family wedding.

Gordhan, subsequently sacked as finance minister by Zuma, said the report had damaged South Africa's young democracy, and that he was considering legal steps.

But KPMG has insisted it was not involved in any criminal activities.

KPMG has said it will donate the R40 million it earned in fees from the Gupta accounts to charity. "It's allegations that have no foundation".

He says these reports were used to clean up the pattern of state capture where you deploy your people, clean out the good guys after accusing them. The agency's alleged role was to stir up anger about "white monopoly capital" and "economic apartheid" to draw attention away from the wealthy Gupta family, who have been accused of benefiting financially from their links to President Jacob Zuma.

No evidence of corruption or illegal action by staff was found, KPMG said.

The auditing firm enjoyed close ties with its Gupta clients well beyond office duties including four KPMG partners attending a lavish Gupta family wedding in 2013.

KPMG is the third major firm to become embroiled in controversy from dealing with the Gupta family's group of businesses, after London-based public relations firm Bell Pottinger fell into administration this week.

"KPMG South Africa regrets that its association with the Guptas and their business entities went on far too long", Cranston said. This, after it was expelled from a PR body for its work done for the Guptas.

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