One of VBS founders baffled how missing funds went unnoticed

VBS Mutual Bank
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One of VBS’s founders, Madambi Muvhulawa, says he’s surprised how the Reserve Bank, KPMG, VBS internal auditors and minority shareholders could not see the alleged looting and corruption that was taking place at the bank.

The bank has since been put under curatorship after over R1 billion was allegedly stolen.

Muvhulawa says: “Something went wrong in the bank because figures that were given by management were also refereed to the shareholders, audited by the auditors and approved by the Reserve Bank as well.”

“So we took that those were correct figures. We didn’t know that they were cooked and there was some corruption within the bank. It was only when the Reserve Bank realised that there is a problem of liquidity they started looking to see why there was a problem of liquidity and they found that there is money stolen,” says Muvhulawa.