VBS Mutual Bank In The News
Mariette Venter, VBS and the resistance against the looting of the state
Mariette Venter doesn’t like the limelight. You’ve probably never heard her name but she emerges as one of the heroes in advocate Terry Motau’s report on VBS bank, writes Mandy Wiener
OVERVIEW: ‘It’s pure insanity, it’s madness’ – Floyd Shivambu on reports he received R10m from VBS bank
The EFF has vehemently denied that party deputy president Floyd Shivambu received R10m from VBS Mutual Bank, and dealt with a number of other party matters in a marathon press briefing.
VBS, Jacob Zuma and the ‘sham’ Nkandla bond he couldn’t afford
Scandal-ridden VBS Mutual Bank gifted former president Jacob Zuma an R8.5m bond which he could not afford, and at least nine months before any documents were signed to give the bank security over the loan, an investigation reveals.
Floyd Shivambu denies getting R10m from VBS
EFF Deputy President Floyd Shivambu has denied receiving R10m from embattled VBS Mutual Bank in his first direct response to the allegations against him and his brother Brian.
KPMG vows to cooperate with SARB in wake of damning report
KPMG executive chairman Wiseman Nkuhlu says the firm will take stock of the investigation and cooperate with the Reserve Bank if necessary.
Those responsible for VBS municipal losses will face the music – Mkhize
Much of the money lost by municipalities to the VBS Mutual Bank scandal was intended for service delivery, Minister of Cooperative Governance and Traditional Affairs Zweli Mkhize has said.
Two more VBS execs provisionally sequestrated
Two more VBS Mutual Bank executives have been provisionally sequestrated, bringing to five the total number of managers at the institution whose assets are now effectively on ice.
R4.5m the only thing linking ex-VBS boss to R1.5bn fraud saga, court hears
A payment of R4.5m is the only thing linking a former VBS Mutual Bank boss to a massive saga involving R1.5bn allegedly being plundered from the institution.
VBS head’s explanation of R15m bonus is ‘absurd’, court hears
An explanation by VBS Mutual Bank’s CEO about an alleged R15m bonus paid to him, which he says he earned for other reasons, has been described as absurd and bizarre by a legal representative.
Finance minister demands consequences for VBS ‘bank heist’
Finance Minister Tito Mboweni has demanded accountability from those who were involved in the course of events at VBS Mutual Bank.
VBS scandal: ANC top 6 to meet Limpopo leadership
The ANC’s top 6 will meet with officials from Limpopo after two of the province’s top 5 were implicated in an explosive South African Reserve Bank report into the collapse of VBS Mutual Bank.
Shivambu brothers on VBS report: Brian seeks review, Floyd denies getting R10m
Brian Shivambu is the latest party implicated in an explosive forensic report into the collapse of VBS Mutual Bank seeking to have it reviewed.
ANC referring VBS report to its Integrity Commission
The office of the ANC’s secretary general has referred the report on alleged R1.8bn fraudulent activity at VBS Mutual Bank to its Integrity Commission, the majority party said in a statement
Floyd Shivambu scored R10m from VBS scheme – report
According to the Daily Maverick, Shivambu received roughly R10m through a company where his brother Brian is the sole director. The EFF scooped R1.3m, say the publication’s sources.
SARB: Auditors were part of the VBS Mutual Bank conspiracy
The audited financial statements of VBS Mutual Bank which were submitted to the Reserve Bank were not reliable, Parliament has heard.
Former VBS boss only heard of ‘looting’ after it happened, advocate argues
Intense arguments have been heard around whether or not Robert Madzonga, former VBS chief operations officer and group executive officer of Vele Investments, should be provisionally sequestrated.
VBS execs pulled off SA’s ‘biggest bank robbery’, advocate tells court
VBS Mutual Bank’s executives have carried out the country’s “biggest bank robbery” – and did so in designer suits – an advocate has claimed in the South Gauteng High Court.
BREAKING: Three VBS execs provisionally sequestrated, Vele liquidated
Provisional sequestration orders have been granted against three businessman in the VBS Mutual Bank fraud saga, while Vele Investments, VBS’s main shareholder, has also been liquidated.