The Fetakgomo municipality in Limpopo will be placed under administration after salaries could not be paid. This follows after about R200 million was “invested” by the municipality illegally at the VBS Bank.
Giyani invested R158 million and Collins Chabane R122 million.
It is feared that more councils will be put under administration because of irregularities while local authorities have been warned not to make any investments at the bank.
Who is going to help? Probably the Treasury, with the taxpayer’s money.
Photo – Collins Chabane
Read the original article in Afrikaans on Die Vryburger
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