KPMG SA is facing a nearly R1bn lawsuit from the liquidator of VBS Mutual Bank, citing the auditor’s negligence in failing to detect a fraudulent scheme and theft that led to the collapse of the bank.
In one of SA’s biggest banking scandals, VBS collapsed after executives looted almost R2bn belonging to depositors such as municipalities, stokvels and elderly people in Limpopo. This was according to a report commissioned by the SA Revenue Service entitled"The Great Bank Heist"...
This company KPMG is a common denominator in.most of these malfeasance scandals. Why don't the arrest its directors, delist its CAs and ban it from operating for 20 years?
The unintended consequences of collusion..but, sometimes politicization of business creates deep problems...VBS loaned some one millions of rands, without proper guarantees of repayment..a risky loan..
Soft target.
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