VBS Mutual Bank News 24
VBS Mutual Bank News 24,
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.
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.
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 executive chairman Wiseman Nkuhlu says the firm will take stock of the investigation and cooperate with the Reserve Bank if necessary.
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 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.
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.
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 Tito Mboweni has demanded accountability from those who were involved in the course of events at VBS Mutual Bank.
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.
Brian Shivambu is the latest party implicated in an explosive forensic report into the collapse of VBS Mutual Bank seeking to have it reviewed.
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
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.
The audited financial statements of VBS Mutual Bank which were submitted to the Reserve Bank were not reliable, Parliament has heard.
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 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.
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.