Deloitte given conflicting information on African Bank’s finances
Deloitte auditors responsible for African Bank's account in the years leading to its near collapse in 2014 had conflicting messages from the bank's management about the true state of the bank's future cash flows and could not have foreseen the impairment gap that curator Tom Winterboer discovered, the audit firm argued on Wednesday.
Winterboer was appointed as African Bank's curator in August 2014 when the SA Reserve Bank stepped in to prevent total collapse as its survival was threatened by a mountain of unpaid loans. A 2016 report by advocate John Myburgh showed that the bank's accounting practices were very aggressive, particularly its impairment policy and the rapid growth of its loan book...
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