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2 accountants implicated in VBS Bank looting to appear before Saica hearing

Andile Ramavhunga and Tshifhiwa Matodzi are the first accountants set to answer to Saica since the VBS Mutual Bank scandal broke.

VBS Mutual Bank in Thohoyandou. Picture: Sethembiso Zulu/EWN

JOHANNESBURG – Two accountants implicated in the VBS Mutual Bank fraud are expected to appear before a disciplinary hearing by the South African Institute of Chartered Accountants (Saica).

The accounting body will begin by questioning two of the nine members named in Advocate Terry Motau’s 'Great Bank Heist' report which details how R1.8 billion was brazenly stolen from the mutual bank.

Andile Ramavhunga and Tshifhiwa Matodzi are the first accountants set to answer to Saica since the VBS Mutual Bank scandal broke.

The hearings are to investigate whether the accountants applied Saica rules in their work at the bank.

They have also been opened to the public but evidential documents which form part of the process will remain confidential.

(Edited by Leeto M Khoza)

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