At least seven Limpopo municipalities are on the verge of bankruptcy due to VBS Bank saga. Ten municipalities had invested millions at VBS Bank, but three had withdrawn money on instructions from the Treasury.
Stan Mathabatha said at a meeting in Warmbaths that it is a pity that politicians who commanded municipal officials are still scot free.
However, the municipalities have lost their money and it is expected that investors will noteven get 20 cents out of the Rand from VBS, which is now being liquidated.
The municipal officials will apparently be responsible for the decision to invest at VBS Mutual Bank while the ANC rulers warned not to invest municipal money at the institution.
Read the original article in Afrikaans on Die Vryburger
South Africa Today – South Africa News
