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Former KPMG partner Malaba seeks to nullify VBS Bank 'heist' report

The VBS report states that Sipho Malaba gave the Mutual Bank an unqualified audit opinion where he knew the financial statements were misstated.

Picture: Supplied.

JOHANNESBURG - Former KPMG partner Sipho Malaba’s attorney has confirmed he’s been instructed to approach the court to nullify the VBS Mutual Bank report.

The Reserve Bank released Advocate Terry Motau’s report on Wednesday, which implicated 53 people and companies in fraud and corruption worth nearly R2 billion.

Malaba is alleged to have unlawfully received more than R33 million.

The VBS report states that Malaba gave the Mutual Bank an unqualified audit opinion where he knew the financial statements were misstated.

Malaba allegedly obtained substantial facilities at the bank which were not declared to KPMG.

Attorney Shevira Devachander says they will take the matter to court.

“The instructions are to take the proceedings forward in order to get the report nullified and set aside on various grounds.”

She did not say when the matter would be enrolled at court.

Meanwhile, the Economic Freedom Fighters (EFF) has remained tight-lipped on the allegations surrounding its deputy president Floyd Shivambu, while his younger brother Brian has denied any wrongdoing.

(Edited by Zamangwane Shange)

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