KPMG SA is facing a nearly R1bn lawsuit from the liquidator of VBS Mutual Bank, citing the auditor’s negligence in failing to detect a fraudulent scheme and theft that led to the collapse of the bank.

In one of SA’s biggest banking scandals, VBS collapsed after executives looted almost R2bn belonging to depositors such as municipalities, stokvels and elderly people in Limpopo. This was according to a report commissioned by the SA Reserve Bank entitled “The Great Bank Heist”...

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