Forensic report: VBS Mutual Bank was plundered

Die Vryburger

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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

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