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

Gordon_R

Executive Member
Joined
Jul 5, 2009
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6,150
#61
Floyd was not in any position of influence at the bank, for such similarities to be drawn.
This guilty by association idea is silly anyway.
Remember this:
The Shivambu brothers’ secret involvement in the VBS scandal pitted Floyd, in his role as Member of Parliament and Deputy President of the EFF, against Momoniat, National Treasury and SARB.

Shivambu’s panicky and vitriolic reaction to the probe culminated into racist remarks about Momoniat’s non-Africanness
 
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ambroseg1

Executive Member
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Jul 15, 2008
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9,116
#63
So whose money was stolen from the bank? Where did the millions come from to start with? Was it depositor's funds?
 

Gaz{M}

Expert Member
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Feb 9, 2005
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3,921
#67
Municipalities and the average banking client who deposited savings. It's like a local bank for the area.
 
Joined
Feb 22, 2005
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16,180
#68
What I don't quite get, where is all the rigour with the banks who should be flagging suspect transactions?
<have not read article>
Well we are still waiting for Jonas Makwakwa to be prosecuted years after the FIC flagged transactions. When you have a bunch of criminals running the country nothing will ever happen.
 

Gordon_R

Executive Member
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Jul 5, 2009
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6,150
#69
So whose money was stolen from the bank? Where did the millions come from to start with? Was it depositor's funds?
They would have stolen more, if they hadn't been stopped:

The liquidity crisis is, in simple terms, blamed on the fact that VBS managers, politicians and tenderpreneurs – like the Shivambu brothers and EFF – gutted the bank into implosion. To avert a crisis of skeletons spilling out of the closet, the bank managers tried to solicit big payments from state entities such as the Passenger Rail Agency of South Africa (Prasa). General Manager of Treasury at VBS Phophi Mukhodobwane, a key witness in the investigation, testified that VBS had attempted to solicit R1-billion from Prasa in late 2017.
 

Sneeky

Honorary Master
Joined
May 5, 2004
Messages
11,025
#70
So whose money was stolen from the bank? Where did the millions come from to start with? Was it depositor's funds?
Municipalities, the place where normal folks pay rates and taxes for services and infrastructure who are left wondering why everything is in a state of decay.
As soon as they got the money the snouts were in the trough and then, as indicated by Gordon above, they set their sights on the big SOE's.

So I wonder when Floyd will resign.
 

ambroseg1

Executive Member
Joined
Jul 15, 2008
Messages
9,116
#71
Municipalities, the place where normal folks pay rates and taxes for services and infrastructure who are left wondering why everything is in a state of decay.
As soon as they got the money the snouts were in the trough and then, as indicated by Gordon above, they set their sights on the big SOE's.

So I wonder when Floyd will resign.
So where is the story about municipalities trying to withdraw funds and those funds disappearing? Unless the municipalities were in on it? And why are municipalities not putting their funds in one of the big 5 banks? Why use a "fly-by-night" bank?
 

Blu82

Expert Member
Joined
Nov 15, 2005
Messages
1,497
#72
Legislation prohibits municipalities from using banks like VPS but they deposited anyway cause "reasons".
 

Sneeky

Honorary Master
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May 5, 2004
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11,025
#73
So where is the story about municipalities trying to withdraw funds and those funds disappearing? Unless the municipalities were in on it? And why are municipalities not putting their funds in one of the big 5 banks? Why use a "fly-by-night" bank?
It has been well covered before.
https://www.fin24.com/Companies/Fin...ait-for-a-fraction-of-r15bn-deposits-20180726

also in this MyBB thread.
https://mybroadband.co.za/forum/threads/vbs-mutual-bank-being-victimised-eff.942749/
 

Mephisto_Helix

Resident Postwhore
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Jan 29, 2008
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27,160
#75
The brainless are too stupid to see the connections and are all doing their best on social media to make this into a racism thing ..... I know, shocker right :rolleyes:
 

thechamp

Honorary Master
Joined
Feb 26, 2011
Messages
17,380
#79
Legislation prohibits municipalities from using banks like VPS but they deposited anyway cause "reasons".
'Cause discretion of high ranking officials, the sooner we get rid of officials discretion tp override processes the the better, especially in those municipalities with a known history of maladministration and corruption.
 
Joined
Apr 5, 2018
Messages
2,809
#80
That's nothing, if you're a white South African you are being held responsible for the actions of people that lived hundreds of years before you, and they don't even need to be relatives, just the same skin color.
I am not a South African. I absolutely refuse to be held to account for the actions of my forefathers. I will answer for my actions, and no more.
 
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