In particular, they have underlined the importance of having a strong and ethical auditing profession as an integral component of maintaining financial stability. Page - 5 - of 9  In March 2018, having observed signs of a severe liquidity crisis, the SARB placed VBS Mutual Bank under curatorship with the aim of protecting the interests of depositors.
Subsequent to this step, the SARB instituted a forensic investigation into possible fraud and/or material misstatements. Financial statements are currently being restated, and until they are, we will not know the full extent of the problem. Any evidence of wrongdoing will be handed over to the relevant law enforcement agencies.