Lead South Africa

Limpopo mayor resigns over VBS scandal

JOHANNESBURG, December 11 – Limpopo African National Congress (ANC) deputy chairwoman Florence Radzilani has resigned as Vhembe District Municipality mayor with immediate effect just as the province’s leaders resolved to fire at least seven mayors who allowed the illegal deposit of funds into the now defunct VBS Mutual Bank. Radzilani reportedly submitted her resignation letter […]

Business In The News South Africa

PIC pursuing criminal charges against directors seconded to VBS

PARLIAMENT,  December 7 – The board of the Public Investment Corporation (PIC) has directed that criminal charges be brought against two former directors who were seconded to VBS Mutual Bank but failed to report any suspicious transactions, acting chief executive officer Matshepa More said on Thursday. More told Parliament’s watchdog the Standing Committee on Public […]

Business In The News South Africa

SA accountancy institute begins disciplinary hearings against former VBS chairperson, CEO

JOHANNESBURG, November 9  – The South African Institute of Chartered Accountants (SAICA) on Friday begins disciplinary action against two members implicated in the looting of VBS Mutual Bank. VBS Mutual Bank has all but virtually collapsed after its senior executives allegedly used it as a ponzi scheme to enrich themselves and their immediate associates at the […]

In The News South Africa

Leaders implicated in VBS scandal should resign’, says ANC integrity commission

JOHANNESBURG, October 29 – The African National Congress (ANC) Integrity Commission has recommended that all party members and leaders implicated in the collapse of the VBS Mutual Bank should step down from leadership positions and party activities. The commission met over the weekend to consider the explosive SA Reserve Bank report naming some of ANC […]

In The News South Africa

Forensic investigators recommend NWest municipality to institute legal action to recover money invested in VBS Bank

RUSTENBURG, October 26 – Four North West municipalities who invested in the VBS Bank should institute formal legal action against the bank in an attempt to recover the amounts lost, a consulting firm commissioned to conduct a forensic investigation recommended. The North West provincial government commissioned Sekela Xabanisa CA Inc (SKX) to conduct a forensic investigation into […]