KPMG chair apologises for ‘hurt and damage’ to SA institutions
But Wiseman Nkuhlu says he’s confident that the probability of another VBS happening is ‘remote’
KPMG chair Prof Wiseman Nkuhlu has penned an open letter to South Africans, apologising for the damage the auditing firm caused to some of the country’s institutions. The company, which lost a number of high-profile clients after revelations that it was involved in state capture, has been struggling to shake off its dented image. The situation was made worse in April when it became subject of the VBS collapse. The forensic report commissioned by the Reserve Bank showed that KPMG partner, Sipho Malaba, was among people who received “financial facilities” from VBS and gave it a clean audit opinion, despite knowing that VBS’s financial statements were materially misstated. Nkuhlu said he realised that gaining public trust would not happen overnight. “What happened to VBS was shameful, not least for the considerable distress caused to customers of the bank. “So it is appropriate to repeat to fellow South Africans our apology for work that caused real hurt and damage to South African ins...
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