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.
Limpopo municipalities that invested with the troubled Venda Building Society Mutual Bank or VBS are battling to provide services to communities.
Limpopo’s Treasury Department has appointed a forensic team to investigate alleged irregularities against ten municipalities that invested with the troubled VBS Mutual Bank.
Human Settlements Minister Nomaindia Mfeketo, wants actions taken against the officials at a subsidiary of her department – the Community Schemes Ombud Service (CSOS) for investing millions of rand in the controversial VBS mutual bank.
The Executive Head for Legal Counsel, Governance and Compliance at the Public Investment Corporation (PIC), Ernest Nesane, has resigned.