SA Revenue Service

KPMG top executive suspended

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Audit firm KPMG has suspended Sipho Malaba, a top executive who was in charge of the VBS Mutual Bank audit.

VBS was placed under curatorship by the Reserve Bank after it faced serious liquidity challenges.

Malaba was appointed with the new executive in 2017 in a bid to regain public trust following the audit scandals that blemished the firm’s image.

KPMG came under the spotlight late in 2017 with scandals involving audits for Gupta-linked businesses and over the so-called rogue unit report at the SA Revenue Service.

The audit firm says in a statement that it is investigating the matter in full cooperation with the curator of VBS Mutual Bank. It says Malaba is suspended pending the outcome of the ongoing investigation and would not comment further on the matter.

VBS Mutual Bank is accused of manipulating financial information on its books with close to R1 billion that cannot be accounted for.

The bank was placed under curatorship after it took large municipal deposits and lent them on a long-term basis and could not meet clients’ withdrawals when the money was required.

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Source: SABCNews

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