KPMG faces a R230 million fine in the UK for a failed bank audit that, unlike VBS in South Africa, was an honest mistake

2019-05-23 10:01

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 partners could face a R2 billion claim on VBS - and their insurance may not pay

2018-10-15 09:20

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.

Two KPMG partners with a combined 26-year history at the firm have quit amid the growing VBS Mutual Bank scandal

2018-04-14 18:35

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 VBS gave Jacob Zuma a loan – and municipal deposits started pouring in. The Reserve Bank just put VBS into curatorship because it could not pay back the money.

2018-03-11 17:23

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 wants to challenge 'bank heist' report findings at ConCourt

2018-12-06 11:11

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.

Six months ago the AG said it was too early to tell if KPMG was compromised. On Tuesday he terminated its contracts 'with immediate effect’.

2018-04-17 17:13

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.

R900 million is missing from VBS, the bank that gave Jacob Zuma a loan – and a columnist says it looks like 'major fraud'

2018-04-09 13:38

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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