Former partner at KPMG Sipho Malaba is expected to launch a court challenge to have the explosive forensic report into the collapse of VBS Mutual Bank, which implicates him in fraud, set aside.
In a further twist, Malaba is expected to be represented by advocate Dali Mpofu SC, who is also the Economic Freedom Fighters' chairperson.
Malaba left KPMG in March this year after it was discovered he had taken numerous loans from VBS which he had not declared to the global auditing firm.
The report, compiled by advocate Terry Motau and Werksmans Attorneys, was released by the South African Reserve Bank (SARB) on Wednesday. It found that Malaba had committed fraud in signing off on VBS' financial statements and regulatory reports submitted to the SARB, despite having knowledge that the financial statements misstated the bank's position by nearly R700m.
If Malaba and KPMG had blown the whistle, the looting could have been stopped much sooner, Motau found.
His report, compiled after a five-month investigation mandated by the SARB, revealed explosive allegations of R2bn fraud that collapsed the bank.
Motau recommended that Malaba be criminally charged and revealed that VBS had given Malaba "soft" credit facilities totalling nearly R30m, allegedly in exchange for his rubber stamping of the financial statements.
Makes Nene look good.Ex-KPMG partner slams SARB's 'fatally tainted' VBS report, heads to court
More at: https://www.news24.com/SouthAfrica/News/ex-kpmg-partner-slams-sarbs-fatally-tainted-vbs-report-heads-to-court-20181011
Shouldn't it be "vote for anc, eff, da, vf+, udm, acdp, pa, blf, etc........ viva ..........." then?I can't trust DA because they have so many internal disputes.
I can't see anc and eff have any problem, I know they are corrupted, but every party is corrupted. they are the same.
vote for anc and eff ....... viva ..........
Crocodile tears, Mpofu.
Im referring to these pics circulating. Really heart breaking stuff.Well not really the poorest of the poor. A lot of the money came from municipalities, and the poorest of the poor do not contribute much, if anything, to the coffers of the municipalities. Guess who does?
Most people accepted with optimism the EFF. They came with a promise of "people first" and an assumption that political figures are there to serve the ordinary man and woman on the street. Without detracting from the good progress the EFF has made for accountability and pushing the agenda of land reform, they have been a let-down.
The party purports to seek to eradicate corruption in political governance. Signs were however, always there. Think back to Limpopo, Cassel Mathale, the Ratanang Trust, tax evasion, etc. Think of the Mazzotti gang and how the EFF has defended the likes of Tom Moyane. Coincidence?
The EFF has become a party of contradictions and double standards, the latest scandal being the potential illicit funds received from VBS Bank.
It gets worse for the marginalised. Private companies that are purportedly incorporated for the best interests of the poor thrive on leeching the blood of the very people they purport to serve. VBS Bank is an example of the spectacular failure of black corporate governance. It's remarkable let-down of the dreams of those that saw it as the driver of economic and social liberation.
Sad part is that they went through the homelands days with the bank, many were able to build homes for themselves through the bank, only for it to collapse now when it was supposed to be thriving, I am so ashamed...Terrible, it's always the poorest that get shafted worst by stuff like this
Only for people who have never opened a history book.It gets worse for the marginalised. Private companies that are purportedly incorporated for the best interests of the poor thrive on leeching the blood of the very people they purport to serve. VBS Bank is an example of the spectacular failure of black corporate governance. It's remarkable let-down of the dreams of those that saw it as the driver of economic and social liberation.