Johannesburg - The South African Institute of Chartered Accountants (SAICA) on Friday begins disciplinary action against two members implicated in the looting of VBS Mutual Bank.
VBS Mutual Bank has all but virtually collapsed after its senior executives allegedly used it as a Ponzi scheme to enrich themselves and their immediate associates at the expense of municipalities and ordinary depositors.
SAICA said that former VBS chief executive Andile Ramavhunga and Tshifhiwa Matodzi, the former chairperson of the bank's majority shareholding company, Vele Investments, will face the disciplinary committee on Friday.
Ramavhunga and Matodzi were fingered as some of the ringleaders in advocate Terry Motau's "The Great Bank Heist" report and are accused of having benefited from "widescale looting and pillaging" nearly R2 billion from the money deposited in the bank.
However, Ramavhunga and Matodzi have denied any wrongdoing.