Basement Waterproofing HELP!!

I bought my house a few years back. It is a 1950's house and one of the features I liked about it was the 'waterproofing' system that the previous owner had installed. There were vinyl panels about 18 inches up the walls all the way around the floor. If any water came in, these panels were meant to guide the water down to the drainage system. A few months after moving in our entire city suffered a major flood where anybody with a absent lost everything in it thanks to the drainage and sewer systems backing up. The clean up crew removed the panels in order to clean behind them and there are hundreds of holes drilled about an inch above the floor level. Nobody that I have talked to has seen this type of system before. Is there something that I can do to repair these holes? Is this actually a waterproofing system? It rained moderately today and I have soaked through 4 full sized towels from water flowing out of the holes in my basement walls...