KPMG agrees to cough up R500 million to quash lawsuit for flawed VBS Mutual Bank audit

Disgraced audit firm KPMG has agreed to cough up R500 million to settle a three-year lawsuit by the liquidator of the VBS Mutual Bank, which collapsed in 2018 under the weight of massive looting allegedly perpetrated by its own directors and at least two KPMG auditors.

This week, the South African arm of KPMG and VBS liquidator Anoosh Rooplal concluded a confidential out-of-court agreement to settle the liquidator's damages claim against the audit firm for helping to cover up the corruption that destroyed the mutual bank in March 2018.