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KPMG says to cooperate with probes following VBS Bank looting report

A former partner at the firm Sipho Malaba scored R33 million from the R1 billion that was syphoned off.

KPMG's Johannesburg offices. Picture: kpmg.co.za

JOHANNESBURG – KPMG says it is ready to cooperate fully with any investigations that will follow a report on VBS Mutual Bank.

The report by the Reserve Bank has recommended parties implicated in the scandal be criminally charged.

A former partner at the firm Sipho Malaba scored R33 million from the R1 billion that was syphoned off.

In a statement, KPMG says it recognises the seriousness of the issues contained in the report.

It adds lessons have been learned and when the issues against Malaba first arose in March, KPMG investigated the matter quickly and he was exited from the firm.

The firm has committed to studying the report, saying there will be no tolerance of any conduct that compromises the quality and integrity of its work.

(Edited by Thapelo Lekabe)

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