Important member message: VBS financial scandal

12 October 2018

The South African Institute of Professional Accountants (SAIPA) has reviewed the report by Advocate Terry Motau on the VBS financial scandal which implicates certain accounting and legal professionals. We would like to reassure you that none of the accountants mentioned in the report are SAIPA members.

In as far as Mr Avhashoni Ramikosi is concerned, we would like to put it on the record that he resigned from the SAIPA Board on 27 January 2018 with immediate effect. He was appointed to the Board as an ABASA representative and not as an elected SAIPA member.

Mr Ramikosi is in fact a SAICA member. SAICA has already indicated that they will be embarking on disciplinary procedures against eight of their members – including Mr Ramikosi – who are implicated in the Motau report.

SAIPA would like to reiterate our commitment to ethics and good governance. Should any of our members be found to have violated our code of conduct, we will not hesitate to act decisively as guided by our constitution.

Issued on behalf of the SAIPA Board

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