OPINION | Protection for auditors, cold comfort for shareholders

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Following the notorious demise of VBS Mutual Bank, a shareholder is reported to be mounting a lawsuit against KPMG, the erstwhile auditors of VBS Mutual Bank.

Businessman David Mabilu, who held a stake in VBS through Dyambeu Investments, is suing KPMG for R4.7 million for damages he allegedly suffered in the collapse of VBS Mutual Bank, according to a recent report in the Sunday Times. The contention is that relying on the bank's financial statements prepared and signed off by KPMG, the company believed that its shares held in VBS Mutual Bank were of a significant value and therefore did not sell them when the opportunity to do so arose, believing it was a good investment.

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