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Saica ready to act against accountants named in VBS report

Saica says it will take action against nine of its members who have been named in the VBS report but it would have to wait for another disciplinary process to be completed.

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

JOHANNESBURG – The South African Institute of Charted Accountants (Saica) says it's ready to take action against nine chartered accountant's who have been named in the VBS Mutal Bank investigation report.

In the past 48 hours, there have been calls for greater accountability and swift action against those who've been implicated in the report titled The Great Bank Heist which details how R1.8 billion was brazenly stolen from the mutual bank.

Senior African National Congress (ANC) officials, the brother of the Economic Freedom Fighters' Floyd Shivambu and former KPMG bosses are among the 53 recipients of the almost R2 billion siphoned out of the bank.

Saica says it will take action against nine of its members who have been named in the VBS report but it would have to wait for another disciplinary process to be completed by the independent regulatory board for auditors.

KPMG INVOLVEMENT

KPMG says its ready to co-operate fully with any investigations that 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 siphoned 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 Leeto M Khoza)

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