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South Africa should seek damages from KPMG over bank graft

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Staff Writer | October 11, 2018
KPMG
Africa   The SARB commissioned the investigation

South Africa should seek damages from global auditor KPMG for the role it played in a corruption scandal that saw at least 1.9 billion rand ($130 million) stolen from local bank VBS, a central bank investigation published on Wednesday said.

The probe, carried out by a team of lawyers and forensic investigators on behalf of the South African Reserve Bank (SARB), is the latest headache for KPMG, which has lost more than a dozen clients as questions have been raised about its ethical conduct in the country.

The SARB commissioned the investigation into VBS after it was placed under curatorship in March.

KPMG, which audited the bank's financial results, said it had noted the investigation's publication. Earlier this year it announced changes to its corporate governance to try to restore the reputation of its South African business.


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