Forensic report: VBS Mutual Bank was plundered

Die Vryburger

Forensic report: VBS Mutual Bank was plundered
Forensic report: VBS Mutual Bank was plundered

The result of a forensic report is damaging to the already controversial VBS Mutual Bank, where Jacob Zuma has borrowed money to repay his improvements to Nkandla.

Over a period of 3 years, more than 53 “beneficiaries” received R1,8 billion as so called fees. The investigator recommended that fees of 27 persons be recovered ranging from R2 million to R936 million. The Venda king received R17.7 million. Brian Shivambu, brother of EFF deputy president Floyd Shivambu, was also enriched by R16 million.

The report recommends that more than 50 individuals be charged with criminal charges, including former executives, politicians and their families, and even auditors who have signed false statements.

Previously, the VBS bank was already placed under the curatorship by the Reserve Bank due to increasing liquidity problems.

Read the original article in Afrikaans on Die Vryburger

South Africa Today – South Africa News

Related Post

Suspect arrested with stolen firearm in King Willi... King William’s Town: Patrolling crime hotspot areas and following up on information in Gelvandale where shootings is rife resulted in the arrest of a ...
Police resources wasted to take pupils to Newcastl... KwaZulu-Natal: The Acting Provincial Commissioner, Lieutenant General Nhlanhla Mkhwanazi, has condemned the use of a public order policing vehicle and...
SAPS discovers drug laboratory in Mayberry Park, A... Gauteng: The Gauteng Narcotics team from the SAPS Provincial Organised Crime Detectives, on Monday 22 October 2018 around 23:00 uncovered a drug labor...
Killers of Soweto guards killed by SAPS – Du... Pretoria: Two men allegedly responsible for the killing of two security guards last week in Gauteng were shot and killed by police during early hours ...
Disclaimer: The views of authors published on South Africa Today are their own and do not necessarily represent the views of South Africa Today. By viewing, visiting, using, or interacting with, you are agreeing to all the provisions of the Terms of Use Policy and the Privacy Policy.