(Bloomberg) -- Employees at South African audit firm Nkonki Inc. have applied to a Pretoria court to block the company’s liquidation and have it put into administration instead so that there’s a chance the business could be rescued, according to a court filing.
Nkonki last month said damage to its brand and uncertainty over future revenue streams led to the decision to liquidate the company. This was after South Africa’s Auditor-General terminated its contract with Nkonki in April following reports that a management buyout, led by Nkonki’s former Chief Executive Officer Mitesh Patel, was funded by an associate of the Gupta family.
The Gupta family has been accused of using a friendship with former President Jacob Zuma to win state contracts and influence government appointments. While the government has set up an investigation into the allegations, Zuma and the Guptas have denied wrongdoing.
©2018 Bloomberg L.P.