Floyd Shivambu's brother looted VBS Mutual Bank - Full List

John Tempus

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You need help.
So by your logic the apartheid leaders did nothing wrong
You absolutely lacked the ability to understand the fking point I was making. Please try again to comprehend my analogy and if it still flies over your head well I am not going to spend more time to explain something so basic.

I will throw a hint to help you unscrable cause you failed hard at reading the sarcasm which was my entire point, best not to jump in without reading the discussion.

OF COURSE HITLER WAS GUILTY and OF COURSE APARTHEID LEADERS WERE GUILTY. Are you catching on yet ?
 

TysonRoux

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LOL, Go after Floyd and all the other Zupta cronies that looted VBS

No power‚ pipes or boreholes as towns lose R1.6bn invested in VBS

More than R1.6bn of the R2bn invested by municipalities into VBS Mutual Bank cannot be recovered.

This was the shock revelation from auditor-general Kimi Makwetu on Wednesday. He was reporting on the audit outcomes of municipalities for the 2017/2018 financial year.

Makwetu has described the non-recovery of public funds invested in VBS as a classic example of the "impact of deteriorating accountability" in municipalities.

Sixteen municipalities from Gauteng‚ the North West and Limpopo invested between 2016 and 2018 in the controversial mutual bank‚ which has since gone bust. As a result‚ said Makwetu‚ money could not be recovered from the bank.

Fourteen of the municipalities are now unable to pay creditors‚ maintain infrastructure or deliver services to their residents.

"In spite of such investments not being permitted‚ 16 municipalities invested money with VBS mutual bank in the 2016-17 and 2017-18 financial years. Two of the municipalities managed to withdraw their funds in time‚ but the remaining 14 municipalities lost their investments and have disclosed impairments - meaning that they wrote off these investments‚ totalling R1.6bn‚ in their financial statements for the current year‚" said Makwetu.

The bulk of the loss (72%) involved investments made by eight municipalities in Limpopo. Four municipalities suffered losses in North West and two in Gauteng.

Of the lost amount that could not be recovered‚ 32% was from municipal grants related to infrastructure development.
 

ɹǝuuᴉM

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LOL, Go after Floyd and all the other Zupta cronies that looted VBS

No power‚ pipes or boreholes as towns lose R1.6bn invested in VBS

More than R1.6bn of the R2bn invested by municipalities into VBS Mutual Bank cannot be recovered.

This was the shock revelation from auditor-general Kimi Makwetu on Wednesday. He was reporting on the audit outcomes of municipalities for the 2017/2018 financial year.

Makwetu has described the non-recovery of public funds invested in VBS as a classic example of the "impact of deteriorating accountability" in municipalities.

Sixteen municipalities from Gauteng‚ the North West and Limpopo invested between 2016 and 2018 in the controversial mutual bank‚ which has since gone bust. As a result‚ said Makwetu‚ money could not be recovered from the bank.

Fourteen of the municipalities are now unable to pay creditors‚ maintain infrastructure or deliver services to their residents.

"In spite of such investments not being permitted‚ 16 municipalities invested money with VBS mutual bank in the 2016-17 and 2017-18 financial years. Two of the municipalities managed to withdraw their funds in time‚ but the remaining 14 municipalities lost their investments and have disclosed impairments - meaning that they wrote off these investments‚ totalling R1.6bn‚ in their financial statements for the current year‚" said Makwetu.

The bulk of the loss (72%) involved investments made by eight municipalities in Limpopo. Four municipalities suffered losses in North West and two in Gauteng.

Of the lost amount that could not be recovered‚ 32% was from municipal grants related to infrastructure development.
South Africa 2019 #LiveWithIt
 

Sollie

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Welcome to SA 2019. Africanacity at its best.

Zero prosecutions.

R1.6 billion gone.

The criminals still bleating about the land whilst screwing their stupid voters.
Maybe in 10 years time?

https://www.iol.co.za/dailynews/new...r-multi-million-rand-cybercrime-scam-27628080
He said that in 2009 the syndicate purchased a computer software, which is designed to record keystrokes and e-mail addresses.
... 2019? But then again these are ex small fish.
 

TysonRoux

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Anyone here know what's actually happening with the Zupta dept to VBS?

Wonder why Busisiwe Mkhwebane isn't investigating this?

New twist in VBS saga: now Hawks and NPA target Zuma’s Nkandla loan

An investigation is underway into who was servicing the R70,000 monthly payments on former president Jacob Zuma’s loan with VBS Mutual Bank for 18 months.

The Sunday Times has established that Zuma only started making payments on the loan in March, when the troubled bank went into curatorship. As part of their wide-ranging investigation into the spectacular collapse of the Venda-based bank, the Hawks will also look into the loan the bank granted Zuma to settle the portion of his Nkandla homestead upgrades that were deemed to be security features.

“The payment profile changed in March (2018) to reflect Zuma as the person depositing the money. What we are unable to see is who was making payments before then,” said a source close to the investigation into the collapse of the mutual bank.

There is also suspicion that the former executives of VBS could have created fictitious deposit entries against Zuma’s loan account to make it seem as if it was being serviced monthly.

A special team — comprising Hawks investigators and senior prosecutors from the National Prosecuting Authority — has been tasked with looking into who serviced Zuma’s loan since September 2016, when it was granted.

Zuma’s spokesperson, Vukile Mathabela, did not respond to questions sent to him.
 
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Milano

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Anyone here know what's actually happening with the Zupta dept to VBS?

Wonder why Busisiwe Mkhwebane isn't investigating this?

New twist in VBS saga: now Hawks and NPA target Zuma’s Nkandla loan

An investigation is underway into who was servicing the R70,000 monthly payments on former president Jacob Zuma’s loan with VBS Mutual Bank for 18 months.

The Sunday Times has established that Zuma only started making payments on the loan in March, when the troubled bank went into curatorship. As part of their wide-ranging investigation into the spectacular collapse of the Venda-based bank, the Hawks will also look into the loan the bank granted Zuma to settle the portion of his Nkandla homestead upgrades that were deemed to be security features.

“The payment profile changed in March (2018) to reflect Zuma as the person depositing the money. What we are unable to see is who was making payments before then,” said a source close to the investigation into the collapse of the mutual bank.

There is also suspicion that the former executives of VBS could have created fictitious deposit entries against Zuma’s loan account to make it seem as if it was being serviced monthly.

A special team — comprising Hawks investigators and senior prosecutors from the National Prosecuting Authority — has been tasked with looking into who serviced Zuma’s loan since September 2016, when it was granted.

Zuma’s spokesperson, Vukile Mathabela, did not respond to questions sent to him.
Likely consigned to file 13.
 

Sollie

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19 million may be small, but to one of SA's poorest cities, it is a lot. 8 thieves sentenced to 10 to 15 years, but since this was white collar crime, they probably won't serve much more than 2 years.
Nobody is denying the damage done or the amount. This is rather pointing out the sharks roam free while the sardines are harpooned.
 

TysonRoux

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The taxpayers suffer, while the looters roam free enjoying their ill-gotten gains.

Couldn't find the general VBS collapse thread.

Municipalities likely to lose R1.8bn of taxpayers' money over VBS heist

Auditor-General Kimi Makwetu said the biggest impact of the VBS Mutual Bank collapse would be the delay to infrastructure, as new disbursements needed to be implemented.

Speaking on the Eusebius Mackaizer Show on 702, he said municipalities in Limpopo, North West, and Gauteng would likely lose about R1.8 billion of taxpayers’ money as a result.
The money was invested during 2017-2018 financial year.

“Our report quantifies the total amount according to the accounting records to about R1.8 billion – R1.2 is in Limpopo, R500 million in North West – and two other municipalities in Gauteng,” Makwetu said.

The Auditor-General said while the investments didn’t comply with the municipal regulations, the impact would be felt mostly at essential service level.

“Our report identifies that which suffered and shows that if it has to be done, it has to go back to the queue and wait for new money,” he said.

Makwetu’s report said due to the pending liquidation process, recovering the investments was highly unlikely.
 

TysonRoux

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https://www.ft.com/content/bbdd8296-edac-11e8-8180-9cf212677a57


Investigators have also homed in on the EFF’s purchase of the Johannesburg house for more than R5m ($350,000) last year. According to records seen by the Financial Times, payments from VBS flowed through companies owned by the EFF leaders’ relatives, including a cousin of Mr Malema, in transfers that referenced the address of the property. South Africa’s Daily Maverick newspaper has also reported the transfers.

Mbuyiseni Ndlozi, an EFF spokesperson, denied any link between the property and illicit VBS funds. He said the party legitimately acquired the house as an investment property and financed the purchase with a bank loan. Mr Ndlozi declined to specify the lender or details of the loan but South African bank officials said it was not normal practice to lend mortgages to political parties.

Mr Malema and Mr Shivambu have repeatedly denied any wrongdoing in connection with VBS, including receipt of illicit funds from the bank. Mr Malema has denied being close to his cousin. Mr Shivambu’s brother said his payments were legitimate.
 

TelkomUseless

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https://www.ft.com/content/bbdd8296-edac-11e8-8180-9cf212677a57


Investigators have also homed in on the EFF’s purchase of the Johannesburg house for more than R5m ($350,000) last year. According to records seen by the Financial Times, payments from VBS flowed through companies owned by the EFF leaders’ relatives, including a cousin of Mr Malema, in transfers that referenced the address of the property. South Africa’s Daily Maverick newspaper has also reported the transfers.

Mbuyiseni Ndlozi, an EFF spokesperson, denied any link between the property and illicit VBS funds. He said the party legitimately acquired the house as an investment property and financed the purchase with a bank loan. Mr Ndlozi declined to specify the lender or details of the loan but South African bank officials said it was not normal practice to lend mortgages to political parties.

Mr Malema and Mr Shivambu have repeatedly denied any wrongdoing in connection with VBS, including receipt of illicit funds from the bank. Mr Malema has denied being close to his cousin. Mr Shivambu’s brother said his payments were legitimate.
They learned from the master (Zuma) himself. Malema created EFF for the easy access to money... he cares fck all for the people (just like ANC).

And people are too daft to realise this... keep on voting ANC/EFF...
 

thechamp

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They learned from the master (Zuma) himself. Malema created EFF for the easy access to money... he cares fck all for the people (just like ANC).

And people are too daft to realise this... keep on voting ANC/EFF...
Politicians in general don't care too much about the people they are supposed to serve, There are exceptions here and there but generally they care only about themselves and their benefactors, it is just a wonderful coincidence that people sometimes happen to benefit somewhere in between.
 

TelkomUseless

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Politicians in general don't care too much about the people they are supposed to serve, There are exceptions here and there but generally they care only about themselves and their benefactors, it is just a wonderful coincidence that people sometimes happen to benefit somewhere in between.
But when the politicians steal more money openly and people keep voting them in.. then you know we are in for a rough time...

Where are the people marching against ANC/EFF for these monies stolen ?

Just sad that people would allow this to continue...
 
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