The events that have unfolded in the DA have shown that Zille has more influence than Maimane. He serves at her pleasure, writes Ralph Mathekga.
Showers early. Mostly sunny. Mild.
The audit firm argues it should only pay R25.4 million in fines for admitted misconduct in its work on the books of Bank of New York Mellon, because its "work did not fully reflect all aspects of the new guidance applicable”.
KPMG South Africa won't say if its insurance against claims – like the massive one it may face on VBS Mutual Bank – covers fraud. But it insists its deep-pocketed international parent is behind it all the way.
KPMG signed off on a banking operation that was, as described by the Reserve Bank, dangerously inept – and ran off Excel spreadsheets.
18 months ago the bank gave Jacob Zuma a loan. At the same time municipalities started pouring money into VBS. That was ultimately its undoing – because municipal money doesn't stick around, but mortgage loans are somewhat longer term.
Former VBS CEO Andile Ramavhunga says he will launch a Constitutional Court bid challenging the Financial Sector Regulation Act which Advocate Terry Motau relied on in his report on the failure of the mutual bank.
Media reports around KPMG – and smaller audit firm Nkonki – meant he had to stop their work for government, the auditor general has said, at least for the time being.
And the curator is reportedly worried there may have been inside deals to "extract money from the bank" to the advantage of "key individuals".
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