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Thread: VBS Mutual Bank being victimised - EFF

  1. #31
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  2. #32
    Super Grandmaster ponder's Avatar
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    Quote Originally Posted by Tikkop View Post
    The chairperson and ceo are chartered accountants.
    And the CFO is the only white guy.
    entia non sunt multiplicanda praeter necessitatem

  3. #33

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    Quote Originally Posted by ponder View Post
    I'm pretty sure top managers & directors all hold degrees, I highly doubt blaming apartheid for their gross mismanaged is gonna fly. They did fine since 1982 only to fsckup now.

    What's interesting is how municipalities started depositing with them 18 months ago (illegally), round about the same time they gave zumatello a 'loan' to pay back the money for nkandla. Coincidence maybe but I doubt it...

    You also don't need a b.com to figure out that taking short term deposits and lending those out long term is going to end badly when a depositor wants to withdraw and you can't meet your obligations... unless someone promised you behind closed doors that they will ensure depositors won't come knocking maybe?
    KPMG gave them a clean audit report for 2017 and gave the shareholders no indication of possible illegal deposit taking or that the going concern assumption might be at risk.

    In fact their statement of financial position doesn't even differentiate between which assets and liabilities are current or non-current.

    But ja, KPMG...
    Last edited by Tikkop; 12-03-2018 at 11:35 AM.

  4. #34

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    See, they're not shutting it down, just sorting out the liquidity mess: https://www.fin24.com/Companies/Fina...asury-20180312

    Treasury confirmed in a statement issued late on Sunday that the minister of finance approved the recommendation by the Registrar of Banks to place VBS under curatorship.

    “The aim of curatorship is ultimately to turn the mutual bank around. This is in contrast with liquidation, where the mutual bank is closed down,” said Treasury.

    “The curator is given the legal means to create the necessary mechanisms to implement a resolution plan which will ensure the long-run sustainability of VBS.

  5. #35

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    Quote Originally Posted by Gordon_R View Post
    See, they're not shutting it down, just sorting out the liquidity mess: https://www.fin24.com/Companies/Fina...asury-20180312
    Ya well, BLF are fsking idiots. Why these media outlets report on what their utterances are is beyond me.
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  6. #36
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    Quote Originally Posted by ForceFate View Post
    Managers of the bank are products of Bantu education

    Quote Originally Posted by ponder View Post
    Ah the good ol' race card...
    .... ^ for when that fails
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  7. #37
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    Quote Originally Posted by Tikkop View Post
    The chairperson and ceo are chartered accountants.
    Quote Originally Posted by ponder View Post
    I'm pretty sure top managers & directors all hold degrees, I highly doubt blaming apartheid for their gross mismanaged is gonna fly. They did fine since 1982 only to fsckup now.

    What's interesting is how municipalities started depositing with them 18 months ago (illegally), round about the same time they gave zumatello a 'loan' to pay back the money for nkandla. Coincidence maybe but I doubt it...

    You also don't need a b.com to figure out that taking short term deposits and lending those out long term is going to end badly when a big depositor wants to withdraw and you can't meet your obligations (you're only a small bank, small client base & limited assets)... unless someone promised you behind closed doors that they will ensure depositors won't come knocking maybe?

    C'mon look at this objectively and just forget about apartheid for a second, don't you see any other possible reasons for their failure?
    Looked at the post I was responding to?
    Yeah whatever mate

  8. #38
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    Quote Originally Posted by Mephisto_Helix View Post
    .... ^ for when that fails
    Read what I was responding to.
    Yeah whatever mate

  9. #39
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    KPMG suspends executive in charge of VBS bank audit

    JOHANNESBURG - Embattled audit firm KPMG has suspended Sipho Malaba, the head of financial services auditing, which is one of their biggest units.

    Malaba's appointment was announced in October last year, along with their new executive team.

    KPMG has tried to restore public trust and rebuild is tarnished image after a number of scandals last year.

    The company has gone to great lengths to distance itself after being so closely linked to the Gupta family and a number of businesses.

    KPMG has also faced significant backlash over its so-called rogue unit report at the SA Revenue Service.

    Malaba was tasked to lead the firm's strategic projects as the company and was moved into a new leadership position after the scandals of 2017.

    Malaba was tasked with being the lead independent audit partner on VBS Mutual Bank, which has now been placed under curatorship.
    More at: https://www.iol.co.za/business-repor...audit-14393064
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  10. #40
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    Reserve Bank announces forensic investigation into VBS Mutual Bank


    A fuller investigation into VBS Mutual Bank has been commissioned by the South African Reserve Bank. This comes after a curator's report signalled possible fraudulent reporting and transactions to extract money from the bank in order to further the personal interests of certain individuals and companies.

    The SARB said on Friday the Minister of Finance had appointed SizweNtsalubaGobodo Advisory Services‚ represented by Anoosh Rooplal‚ as the curator of VBS Mutual Bank (VBS)‚ on March 11.

    "After a thorough assessment of VBS‚ Mr Rooplal recommended that an independent review of the business conduct of VBS be undertaken. Consequently‚ the Deputy Governor of the South African Reserve Bank and Chief Executive Officer (CEO) of the Prudential Authority‚ Mr Kuben Naidoo‚ has appointed Advocate T Motau SC as an investigator in terms of section 134 of the Financial Sector Regulation Act 9 of 2017 to conduct a forensic investigation into the affairs of VBS."
    More at: https://www.timeslive.co.za/sunday-t...bs-mutual-bank
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  11. #41
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    KPMG warns more staff may be involved in VBS investigation

    KPMG expects the results of an "independent investigation" into its auditing work for VBS Mutual Bank "imminently", it has told staff.
    The investigation is being conducted by law firm Bowmans.

    And the investigation may claim more heads, staff were warned.

    "We anticipate further disciplinary action may be taken which may involve others," the audit firm said in an internal communication.

    "We cannot tolerate any behaviour which places our people, our clients or the public at large, at risk."
    More at: https://www.businessinsider.co.za/kp...igation-2018-4
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  12. #42

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    Love to hear the EFF's updated view on this.

    “Opting for curatorship as the first measure undermines the bank and undermines black people’s participation in the ownership and control of financial services institutions,” the party’s spokesperson Mbuyiseni Ndlozi said.
    Pretty sure the black people undermined themselves.
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  13. #43
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    Quote Originally Posted by Vrotappel View Post
    Love to hear the EFF's updated view on this.



    Pretty sure the black people enriched themselves.
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  14. #44

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    When KPMG's SA branch produces an audit report, is there anyone left that will blindly believe that the audit was not compromised?

    Likewise, how is it that KPMG's SA branch still has any customers, or are existing customers just waiting for their KPMG contract to expire before migrating to an auditor that still has a reputation?
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  15. #45
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    KPMG [email protected] Praat Met Geld
    entia non sunt multiplicanda praeter necessitatem

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