---
title: "Confidential out-of-court settlement between VBS and KPMG was R500m: source"
description: "Daily Maverick can disclose that the undisclosed controversial out-of-court settlement between auditor KPMG and the liquidator of VBS Bank, Anoosh Rooplal, was R500-million."
type: "NewsArticle"
publisher: "Daily Maverick"
site: "https://www.dailymaverick.co.za"
section: "AGE OF (UN)ACCOUNTABILITY"
author: "Ed Stoddard and Neesa Moodley"
author_url: "https://www.dailymaverick.co.za/author/ed-stoddard-and-neesa-moodley/"
canonical_url: "https://www.dailymaverick.co.za/article/2024-02-01-exclusive-vbs-kpmg-settlement-was-r500m-source/"
published: "2024-02-01T10:20:33"
updated: "2024-02-01T12:01:29"
lang: "en-ZA"
word_count: 149
---

# Confidential out-of-court settlement between VBS and KPMG was R500m: source

> Daily Maverick can disclose that the undisclosed controversial out-of-court settlement between auditor KPMG and the liquidator of VBS Bank, Anoosh Rooplal, was R500-million.

By Ed Stoddard and Neesa Moodley · Published 1 February 2024, 12:20 SAST · Updated 1 February 2024, 14:01 SAST

## Key points
- Daily Maverick can disclose that the undisclosed controversial out-of-court settlement between auditor KPMG and the liquidator of VBS Bank, Anoosh Rooplal, was R500-million.
- R500-million settlement reached in VBS Bank fraud case, leaving creditors short-changed
- Public outcry, including from trade union group Cosatu, over confidential settlement
- KPMG accused of signing off on the R2-billion fraud heist, taken to court by liquidator
- Liquidator initially claimed R864-million plus interest, now sworn to secrecy after settlement

## Content

A source familiar with the matter told *Daily Maverick* that the sum was R500-million. The money will be paid to the liquidator to distribute among the creditors, who will likely feel short-changed.

News that a confidential settlement had been reached [sparked a public outcry](https://www.dailymaverick.co.za/article/2024-01-30-outcry-after-kpmg-signs-confidential-out-of-court-settlement-with-vbs-mutual-bank-liquidators/), including from trade union umbrella group Cosatu.

More than R2-billion was stolen from the bank in an [elaborate fraud heist](https://www.corruptionwatch.org.za/wp-content/uploads/2018/10/VBS-Mutual-Bank-The-Great-Bank-Heist.pdf), and KPMG was hauled to court by the liquidator on the grounds that it had signed off on the fraud.

Rooplal had initially claimed damages of R864-million plus interest, but was sworn to secrecy following the out-of-court settlement.

Such settlements are usually labelled “confidential”, effectively gagging both parties until the matter is signed off with a court order.

Rooplal said in response, "by virtue of the confidentiality agreement signed with KPMG, we have no comment". KPMG said it would respond later today. **DM**