Business 14.4.2018 05:37 pm

Two KPMG partners resign over VBS Mutual Bank ‘financial interests’

Pedestrians walk past the KPMG building on Empire Road in Johannesburg on 15 September 2017.

Pedestrians walk past the KPMG building on Empire Road in Johannesburg on 15 September 2017.

The bank that bailed out former president Jacob Zuma has gone into curatorship.

KPMG South Africa announced on Saturday that two partners – Sipho Malaba and Dumi Tshuma – tendered their resignations with immediate effect when faced with disciplinary charges brought against them.

Their resignations, tendered on Friday, had been accepted, the company said in a statement.

“Both cases are conduct charges connected to VBS [Mutual] Bank and include, but are not limited to, failure by the partners to comply with the firm’s policies and procedures regarding the disclosure of relevant financial interests,” it said.

When VBS Mutual Bank recently went into curatorship, information arose in relation to these partners that prompted KPMG to launch an independent investigation, conducted by law firm Bowmans. That investigation was ongoing and further action would be taken as appropriate.

“This has been a very disappointing episode for KPMG. There can be no tolerance, however, of any conduct that compromises our reputation and we have moved decisively to deal with the situation,” KPMG South Africa chief executive Nhlamulo Dlomu said.

– African News Agency (ANA)

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