Saica to discipline members named in VBS scandal

VBS heist
VBS heist

The SA Institute of Chartered Accountants (Saica) has threatened to institute disciplinary action against all its members implicated in the VBS “Great Bank Heist” report, who have contravened the organisation’s code of professional conduct.

The organisation said this week the chartered accountants mentioned in the report, members of Saica and who fall within its jurisdiction – eight in total – would be held accountable.

The forensic report, titled The Great Bank Heist, was completed by advocate Terry Motau, who was helped by Werksmans Attorneys.

The report, released by the SA Reserve Bank this week, found that R2 billion was stolen from VBS Mutual Bank.

Read: VBS dossier of damnation: Who got what and what must happen

“In the interest of transparency, Saica acknowledges the following chartered accountants [CAs] have been implicated in this report and would like to confirm that all individual CAs, who are found to have contravened the Saica code of professional conduct will be held accountable. The findings of [Motau’s] report will be used as input to the Saica disciplinary processes,” Saica said.

The eight implicated members of Saica are: Avhashoni Ramikosi, Gift Manyanga, Charl Cilliers, David Broom, Mariëtte Venter, Sechaba Serote, Andile Ramavhunga and Tshifhiwa Matodzi. Ramavhunga was the bank’s CEO and Matodzi the chairperson.

Saica said although Nhlanhla Malaba, who was also implicated, is one of its members, he is also a registered auditor with the Independent Regulatory Board for Auditors (Irba) and therefore should, according to the Saica by-laws, undergo Irba’s disciplinary first.

The organisation also said it could not comment in the media about any disciplinary matters that are still ongoing as it could jeopardise the administration of justice.

“Saica is doing all we can to restore trust in the profession and ensure that our members, irrespective of the roles they happen to occupy, recommit to operate in the public interest. For this reason, we will leave no stone unturned in our quest to ensure that any CA who is found to have transgressed the Saica code is dealt with appropriately.

“Saica members who fail to uphold the highest ethical and professional standards compromise our public and private sector institutions and our economy as a whole,” said Fanisa Lamola, Saica’s acting CEO.

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