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KPMG commits to rebuild tarnished image

Two partners resigned after facing disciplinary charges over failure to disclose financial interests in connection with VBS Bank, which was placed under curatorship.

Picture: @KPMG

JOHANNESBURG – Auditing firm KPMG says its awaiting the outcome of an investigation into the involvement of two former partners with VBS Bank.

The two resigned after facing disciplinary charges over failure to disclose financial interests in connection with the bank, which was placed under curatorship.

Both Sipho Malaba and Dumi Tshuma tendered their resignations on Friday.

The auditing firm says the resignation of the two hasn't stopped the external investigation from continuing.

KPMG says its working closely and cooperating with the curator investigating the two former partners.

The firm's CEO, Nhlamu Dlomu, says that whatever comes out of the investigation, KPMG will act accordingly.

“If there are any matter required to be reported to the authorities, we’ll do so.”

She says it’s unfortunate that the resignations were tendered before disciplinary action could be taken.

“For us as a firm, we’ve got policies and procedures that require people to declare financial interests, not all of those were followed, so we were not satisfied with that.”

KPMG admits that something has gone wrong in the business over the past few years but is committed to regaining public confidence.

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