Rooplal aims to retrieve R863,597,526.86 in looted money from KPMG.
VBS Mutual Bank was looted into insolvency by its managers and their sidekicks, notably several politicians, auditors and business people. The fraud was made public when the SA Reserve Bank (SARB) put the bank under curatorship and ordered a forensic investigation. In essence, VBS’s electronic accounting system was used to create fictitious account entries reflecting as deposits and credits in VBS bank accounts which benefited its managers and their associates. VBS’s managers in effect robbed their clients to stuff their own pockets and then distributed the loot to politicians, fixers and associates to help keep the secret.
In a bizarre twist VBS liquidators sue KPMG for R863mn mg.co.za - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mg.co.za Daily Mail and Mail on Sunday newspapers.