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

Ethics committee confirms investigation of EFF’s Shivambu

PORT ELIZABETH, October 18 – The main opposition Democratic Alliance on Thursday welcomed the speed with which parliament’s joint committee on ethics and members’ interests responded to calls for an investigation into Economic Freedom Fighters deputy president Floyd Shivambu. Shivambu has denied receiving R10 million from his brother Brian, after the latter was paid R16 […]

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 […]