KPMG Sued in South Africa for $59.3m Over VBS Audit, BD Says

KPMG is being sued in South Africa for 863.5 million rand over its audit opinion on the now defunct VBS Mutual Bank, Business Day reports, citing court documents.

• VBS’ liquidators lodged the claim with particular focus on the audit for the lender’s annual results to March 2017, according to the Johannesburg-based newspaper
• During the period under review the bank was defrauded of 863.5 million rand and this was not picked up in the audited financial statements, the court documents say
• NOTE: Feb. 12, KPMG U.K. Boss Exits After Slamming ‘Victim Card’ Staff
• NOTE: Nov. 2, KPMG Settles With California ...