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Motau: Bar attorneys, accountants implicated in VBS fraud from practising

The advocate’s final report was submitted to the reserve bank in which he reveals how more than 50 people and companies stole nearly R2 billion over a three-year period.

The VBS Mutual Bank logo. Picture: vbsmutualbank.co.za

PRETORIA – Advocate Terry Motau has recommended that the attorneys and accountants implicated in fraud and corruption at VBS Bank should be barred from practicing in their respective professions.

The advocate’s final report was submitted to the South African Reserve Bank, in which he reveals how more than 50 people and companies stole nearly R2 billion over a three-year period.

The central bank placed VBS under curatorship in March this year.

Advocate Motau says that many of those implicated are accountants and lawyers and are not fit and proper persons to fill those offices.

He recommended that complaints about the implicated parties be referred to the relevant professional bodies.

Motau says Treasury and the National Prosecuting Authority (NPA) should study the report.

“What would be a helpful exercise is for the report to be read, the findings to be considered and for the recommendations to be interrogated in light of evidence that was placed before us.”

The African National Congress in Limpopo has welcomed the report, saying it will issue a comprehensive statement after properly studying it.

(Edited by Leeto M Khoza)

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