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VBS Bank: 2 top accountants given another chance to appear before Saica

Former VBS Bank CEO Andile Ramavhunga and former Vele Investments chair Tshifhiwa Matodzi failed to arrive on Friday, but the committee believes it could have done more to communicate with them.

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

ILLOVO - Two top officials involved in the VBS Mutual Bank saga will now be given one more chance to appear before the South African Institute of Chartered Accountants (Saica) disciplinary hearing.

Former VBS Bank CEO Andile Ramavhunga and former Vele Investments chair Tshifhiwa Matodzi failed to arrive on Friday, but the committee believes it could have done more to communicate with them.

The pair has been asked to justify why they should remain part of the institute.

Following the absence of Ramavhunga and Matodzi, the committee wanted to find out if Saica carried out due process when serving the pair with notices to appear before the hearings.

Three witnesses who were involved in serving the notices were questioned about what processes were carried out before the hearings.

Saica says it called, emailed and then posted notices to the physical addresses of the suspended accountants, saying they used information that was provided by the members when they registered with the institution.

The committee postponed the matter because it feels Saica could have done more to reach the pair including a legal notice from the sheriff’s office.

However, Saica has cautioned that a postponement may be a waste of time and resources.

(Edited by Mihlali Ntsabo)

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