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2 accountants involved in VBS Bank scandal a no-show for disciplinary hearing

Andile Ramavhunga and Tshifhiwa Ramatodzi failed to appear at the disciplinary hearings on Friday morning at the South African Institute of Chartered Accountants.

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

JOHANNESBURG – The two accountants implicated in the VBS Mutual Bank fraud have failed to appear before a disciplinary hearing in Johannesburg by the South African Institute of Chartered Accountants (Saica).

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

Andile Ramavhunga and Tshifhiwa Ramatodzi failed to appear at the disciplinary hearings on Friday morning at the institute in Illovo.

The pair failed to provide a reason to the committee for their absence.

Two witnesses who were involved in delivering the notices to Matodzi have been summoned to the hearings to be questioned on whether all processes were followed when serving a notice to him.

The committee is also clarifying whether the details that Saica had provided by members are correct.

(Edited by Leeto M Khoza)

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