20°C / 22°C
  • Sat
  • 21°C
  • 9°C
  • Sun
  • 20°C
  • 9°C
  • Mon
  • 20°C
  • 9°C
  • Tue
  • 18°C
  • 6°C
  • Wed
  • 18°C
  • 4°C
  • Thu
  • 19°C
  • 8°C
  • Sat
  • 19°C
  • 10°C
  • Sun
  • 20°C
  • 11°C
  • Mon
  • 16°C
  • 12°C
  • Tue
  • 16°C
  • 11°C
  • Wed
  • 14°C
  • 10°C
  • Thu
  • 16°C
  • 11°C
  • Sat
  • 23°C
  • 9°C
  • Sun
  • 22°C
  • 10°C
  • Mon
  • 22°C
  • 10°C
  • Tue
  • 20°C
  • 10°C
  • Wed
  • 21°C
  • 7°C
  • Thu
  • 22°C
  • 9°C
  • Sat
  • 22°C
  • 5°C
  • Sun
  • 22°C
  • 6°C
  • Mon
  • 23°C
  • 8°C
  • Tue
  • 20°C
  • 4°C
  • Wed
  • 19°C
  • 3°C
  • Thu
  • 21°C
  • 9°C
  • Sat
  • 21°C
  • 17°C
  • Sun
  • 21°C
  • 17°C
  • Mon
  • 24°C
  • 17°C
  • Tue
  • 24°C
  • 17°C
  • Wed
  • 21°C
  • 16°C
  • Thu
  • 21°C
  • 14°C
  • Sat
  • 18°C
  • 12°C
  • Sun
  • 19°C
  • 11°C
  • Mon
  • 20°C
  • 14°C
  • Tue
  • 17°C
  • 13°C
  • Wed
  • 17°C
  • 10°C
  • Thu
  • 19°C
  • 11°C
  • Sat
  • 19°C
  • 8°C
  • Sun
  • 21°C
  • 12°C
  • Mon
  • 14°C
  • 10°C
  • Tue
  • 12°C
  • 8°C
  • Wed
  • 13°C
  • 7°C
  • Thu
  • 14°C
  • 9°C
  • Sat
  • 17°C
  • 11°C
  • Sun
  • 18°C
  • 13°C
  • Mon
  • 15°C
  • 11°C
  • Tue
  • 14°C
  • 10°C
  • Wed
  • 13°C
  • 10°C
  • Thu
  • 15°C
  • 11°C
  • Sat
  • 24°C
  • 8°C
  • Sun
  • 23°C
  • 9°C
  • Mon
  • 23°C
  • 9°C
  • Tue
  • 20°C
  • 9°C
  • Wed
  • 21°C
  • 7°C
  • Thu
  • 22°C
  • 10°C
  • Sat
  • 20°C
  • 6°C
  • Sun
  • 21°C
  • 5°C
  • Mon
  • 23°C
  • 7°C
  • Tue
  • 15°C
  • 3°C
  • Wed
  • 15°C
  • 1°C
  • Thu
  • 19°C
  • 5°C
  • Sat
  • 22°C
  • 12°C
  • Sun
  • 22°C
  • 10°C
  • Mon
  • 24°C
  • 10°C
  • Tue
  • 26°C
  • 10°C
  • Wed
  • 20°C
  • 10°C
  • Thu
  • 24°C
  • 12°C
  • Sat
  • 18°C
  • 10°C
  • Sun
  • 20°C
  • 10°C
  • Mon
  • 20°C
  • 13°C
  • Tue
  • 16°C
  • 10°C
  • Wed
  • 16°C
  • 8°C
  • Thu
  • 19°C
  • 8°C

KPMG suspends top exec over VBS liquidity crisis

The South African Reserve Bank has red flagged the bank, saying that nearly R1 billion cannot be accounted for.

Picture: @KPMG

JOHANNESBURG – KPMG has suspended one of its top executives who was the lead partner on VBS Mutual Bank which has been accused of severe mismanagement and fraud.

The South African Reserve Bank has red flagged the bank, saying that nearly R1 billion cannot be accounted for.

KPMG has now taken action against Sipho Malaba who signed off the independent auditors’ report on the bank's accounts until July 2017.

The firm is again in the spotlight following last year's controversy involving its accounts with the Gupta's.

Now, one of the auditor's lead partners has been implicated in the bank's severe liquidity crisis.

The reserve bank placed VBS under curatorship last month, with deputy governor Kuben Naidoo claiming in an affidavit that the bank could not account for nearly one billion rand.

The reserve bank says that VBS experienced liquidity challenges for at least the past 18 months, the bulk of which was during KPMG’s watch.

KPMG says it is investigating the matter in full cooperation with the curator of the bank.

VBS also granted former president Jacob Zuma a mortgage, enabling him to repay millions of rand which was spent on his Nkandla homestead.

Comments

EWN welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

- Racism (including offensive comments based on ethnicity and nationality)
- Sexism
- Homophobia
- Religious intolerance
- Cyber bullying
- Hate speech
- Derogatory language
- Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the EWN community a safe and welcoming space for all.

EWN reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

EWN is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

comments powered by Disqus