Business In The News South Africa

SA Reserve Bank fines VBS Mutual Bank and China Construction Bank R77.5 million

JOHANNESBURG, May 29 – The South African Reserve Bank (Sarb) said on Tuesday that it had imposed R77.5 million in administrative penalties to two banks for failing to comply with the Financial Intelligence Centre (FIC) Act and directed them to take remedial action to address the identified deficiencies. The China Construction Bank Corporation and the embattled VBS […]

Business In The News South Africa

Prima facie evidence for criminal prosecution against KPGM – EFF

JOHANNESBURG, April 18  – The Economic Freedom Fighters welcomed a decision by the Auditor-General to cancel contracts with embattled audit firm KPMG, and said there was evidence to prosecute some partners. Auditor-General Kimi Makwetu said on Tuesday his office had decided to terminate the KPMG contract, as well as that of fellow auditing company Nkonki […]

Business In The News South Africa

Black Business Council tries to intervene on behalf of VBS Mutual Bank

JOHANNESBURG, March 12 – The Black Business Council (BBC) said on Monday that it notes with serious concern events that culminated in the placing of the troubled VBS Mutual Bank (VBS) into curatorship by the South African Reserve Bank (SARB), and that it was engaging all relevant stakeholders to find an amicable solution. SARB Governor Lesetja Kganyago announced on […]

Lead South Africa

SARB to clarify VBS Mutual Bank situation

JOHANNESBURG, March 11 – The South African Reserve Bank (SARB) will on Sunday clarify the liquidity status of troubled Venda-based VBS Mutual Bank and whether it will be put under curatorship. SARB governor Lesetja Kganyago and the Registrar of Banks Kuben Naidoo will update media on VBS Mutual Bank at the central bank’s headquarters in […]