Share

Accounting body strips former VBS board chair of membership

The South African Institute of Chartered Accountants has announced that its disciplinary committee has ordered that former chairperson of the VBS board, Tshifhiwa Matodzi, be stripped of his registration.

The decision means that Matodzi won't be recognised as a chartered accounted. 

Saica said in a statement on Wednesday afternoon that the decision to cancel Matodzi's membership was taken at a meeting on February 19.

"The Disciplinary Committee has ordered the cancellation of Mr Matodzi's membership from SAICA", the institute said.

Matodzi's name was prominently mentioned in a damning report, commissioned by the SA Reserve Bank, into what transpired at the mutual bank. 

The 'Great Bank Heist' report, released last year, detailed how executives at the bank misappropriated funds, contributing to its downfall. Almost R2bn was looted from the bank, according to the report, with officials using the money of depositors to splurge on personal luxuries.

A number of municipalities made large deposits into the bank, which was contrary to regulations prohibiting the investment of public funds in mutual banks.

Saica said the sequestration hearing of the bank's former CEO, Andile Ramavhunga, will resume in April. VBS was placed under curatorship by the Reserve Bank in March.

Several officials, including President Cyril Ramaphosa, have said that the monies stolen from the bank's depositors, mainly pensioners, must be recovered.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.97
-0.3%
Rand - Pound
23.95
-0.3%
Rand - Euro
20.49
-0.1%
Rand - Aus dollar
12.37
-0.1%
Rand - Yen
0.13
-0.4%
Platinum
907.94
+1.2%
Palladium
1,014.30
+1.3%
Gold
2,213.20
+0.8%
Silver
24.81
+0.7%
Brent Crude
86.09
-0.2%
Top 40
68,312
+0.9%
All Share
74,502
+0.8%
Resource 10
57,145
+2.7%
Industrial 25
103,988
+0.7%
Financial 15
16,481
-0.3%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders