Cosatu slams KPMG’s confidential VBS deal
Cosatu says the secrecy about KPMG’s confidential settlement with the liquidator of VBS Bank does a disservice to the people who suffered after corruption at the lender caused it to collapse.
More than R2bn was stolen from the mutual bank in an elaborate fraud that took place over a number of years when KPMG was the lender’s auditor.
VBS liquidator Anoosh Rooplal took KPMG to court on the grounds that it had signed off on the fraud.
The Daily Maverick reports that Rooplal had initially claimed damages of R864m plus interest, but now has to stay silent about the amount that has been recouped because the parties reached an out-of-court settlement.
Cosatu spokesperson Matthew Parks said the confidential nature of the settlement shielded crucial details from public scrutiny and accountability and this denied workers and pensioners their right to full transparency in a matter that significantly impacted their livelihoods.
Article disclaimer: While we have made every effort to ensure the accuracy of this article, it is not intended to provide final legal advice as facts and situations will differ from case to case, and therefore specific legal advice should be sought with a lawyer.
