The South African Institute of Chartered Accountants (Saica) has added to the woes of former VBS Mutual Bank CEO Andile Ramavhunga by instituting an investigation into his conduct as a member of the profession. The decision followed a complaint by the DA. The party said in response "a thorough investigation will serve to both clear Mr Ramavhunga’s name if found innocent and to reassure all South Africans that Saica takes strong action against any of its members who fail to act in the utmost ethical and professional way". Ramavhunga was identified by the bank’s curator, Anoosh Rooplal, as one of five executives responsible for perpetrating fraud of "epic proportions". Rooplal described the situation as one in which the "perpetrators were effectively stealing money at a greater rate than was being deposited [at the bank]". He went on to describe the extent of the fraud Vele Investments had perpetrated and benefited from as more than R1.5bn. According to Rooplal, the highest-ranking of...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now