Business Lead South Africa

Former VBS CEO allegedly tried save the bank from liquidation using his own money – court hears

JOHANNESBURG, August 1 – Former VBS Mutual Bank chief operations officer tried to solve the liquidation problem at the bank by using cover up methods and fraud, the High Court in Johannesburg heard on Wednesday. Senior council, Michael Antonie, for the curator in the VBS Mutual Bank matter, said Robert Madzonga paid R18 million into […]

Business In The News South Africa

SA Civic organisation commends VBS fraud exposure and calls for expansion of probe

CAPE TOWN, July 9 – The South African National Civic Organisation (Sanco) on Monday commended VBS Mutual Bank curator Anoosh Rooplal for exposing “massive fraud” allegedly committed by directors of the institution, as well as its majority owner Vele Investments. VBS Bank has come under inspection after it was revealed that the bank was allegedly […]

Business In The News South Africa

Cogta minister must instruct councils to remove municipal officials involved in VBS bank ‘heist’, says DA

JOHANNESBURG, June 25 – Co-operative Governance and Traditional Affairs Minister Zweli Mkhize must instruct local councils to remove municipal managers and chief financial officers who “have plundered public money in the VBS heist”, the Democratic Alliance said on Sunday. The DA was unsurprised at the “rampant looting and large-scale corruption that has occurred at VBS […]