The SA Institute of Chartered Accountants (Saica) will be launching an investigation in the conduct of the chief executive of the beleaguered VBS Bank‚ Andile Ramavhunga.

This was revealed by the DA on Wednesday after the party lodged a complaint against Ramavhunga with Saica. The party argued that Ramavhunga's "unethical conduct had brought the charted accountant profession into disrepute" by pleading ignorance over the VBS saga.

The DA has welcomed Saica's decision to launch a probe into Ramavhunga's conduct.

In a statement the party said the investigation would restore "general trust" in the financial system of South Africa.

"The VBS looting that took place on Ramavhunga’s watch should not go unchallenged. His reasoning that he was not aware of the bank’s dodgy financial affairs is in itself an indictment and an admission of his delinquency‚" said DA MP Alf Lees.

"Whether or not Ramavhunga‚ the VBS Bank CEO‚ was aware of the seeming grand theft taking place at VBS Bank does not make any difference for poor South Africans who have now been left in the lurch while individuals who apparently corruptly benefited from the proceeds of criminal activities and their families continue to live in the lap of luxury."

The DA said the investigation would also serve to clear Ramavhunga's name‚ should he be found to be innocent and that the move was evidence that Saica takes alleged unethical conduct by its members seriously.