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

Pitbull

Verboten
Joined
Apr 8, 2006
Messages
61,957
Lol mr Mpofu...

Funniest thing of all, the people who put their hard earned money into VBS bank are those the EFF convinced that it's a People's bank for the people. The EFF convinced their party members to put money in VBS only for their money to be stolen :D
 

Chris_the_Brit

High Tory
Joined
Mar 6, 2004
Messages
26,091
KPMG involved again...why am I not surprised? And surely it's completely illegal to personally be receiving money from a company you are auditing?

An auditor’s liability claim should be instituted by the Prudential Authority, the curator and the Treasury against KPMG for damages, it recommended.

Former KPMG partner Sipho Malaba, who approved the 2017 financial statements, received R34m from VBS, according to the report.

"He received vast sums, and he was required to do as his paymasters required of him," Motau says in the report.

Malaba resigned in March along with another partner, Dumi Tshuma.

Since 2017, KPMG has been trying to fix its image after the tranche of leaked Gupta e-mails threw it into the middle of the state capture project. It also found itself having to backtrack on work it had done for Sars on the so-called rogue unit, which led to key officials being forced out of the tax agency.
https://www.businesslive.co.za/bd/companies/financial-services/2018-10-11-vbs-report-throws-kpmg-back-in-dock/
 

Mike Hoxbig

Honorary Master
Joined
Apr 25, 2010
Messages
34,722
Just making their way up the political ranks. Criminal activity is a prerequisite...
 

Milano

Honorary Master
Joined
Feb 7, 2004
Messages
11,722
R1.89-billion, biggest bank heist in SA history. The Guptas must be laughing at these amateurs.
 

Sneeky

Honorary Master
Joined
May 5, 2004
Messages
11,059
:ROFL:

Mayor 'cried' over measly R300‚000 'Christmas' in VBS bank feeding frenzy

In December 2017 the Vhembe District municipality mayor was pleading for a “Christmas” for her and the speaker of the municipality as they were the ones making sure the money deposited in the VBS Mutual Bank was kept by the bank for six months.

“Christmas” is often used in local lingo during the year-end holiday season to signal a request for a monetary gift.

The Reserve Bank placed VBS under curatorship in March after withdrawals by municipalities led to a cash crunch. The Bank then appointed a team of forensic investigators led by Werksmans Attorneys and advocate Terry Motau‚ to establish what exactly had precipitated the failure.

The forensic report describes a criminal enterprise led by executives of the bank who were supposed to be its custodians‚ starting with the chair of VBS‚ Tshifhiwa Matodzi‚ who was identified as the kingpin. It recommends that they face criminal charges.

A WhatsApp message from politically connected middleman Kabelo Matsepe to Matodzi on December 20 2017 shows one example of the “rampant corruption and bribery that occurred”‚ Motau said in his forensic report.

“We gave her 300k and she cried [local lingo for complained] and said we gave juniors R1.5m and we give her 300k.… We said we will consult with you and will sort her out on Friday morning … If we can let’s give her 1% or 2% on a level of trust because she did keep her promise that she will block the money from being withdrawn‚” the rest of the brazen WhatsApp message reads.

The report shows how bank executives allegedly bribed municipal officials to deposit public funds in VBS.

The deposits made by municipalities in Gauteng‚ Limpopo and the North West were only one facet of the sordid mess which has emerged from the dealings of the bank.
https://www.timeslive.co.za/news/south-africa/2018-10-11-mayor-cried-over-measly-r300000-christmas-in-vbs-bank-feeding-frenzy/
 

R13...

Honorary Master
Joined
Aug 4, 2008
Messages
29,917
Are the municipalities the biggest loser(s) if the money is not retrieved?
The money is unlikely to ever be recovered, well most of it won't be anyway. And yes municipalities are the biggest losers.
 

Ancalagon

Honorary Master
Joined
Feb 23, 2010
Messages
15,287
The ANC, the EFF, what's the difference? Both corrupt to the core.

Stalwart defenders of the ANC and EFF take note - R2 billion would have done a lot to uplift poverty in South Africa. Imagine how many schools you could have built! Instead it was plundered.

They might be prosecuted only because they are not ANC. But I doubt that the money will ever be recovered.
 

ambroseg1

Honorary Master
Joined
Jul 15, 2008
Messages
10,188
Are the municipalities the biggest loser(s) if the money is not retrieved?
huh? You mean us right? The tax payers! We will have to pay for taxes to put municipalities back to where they were, and still keep the gravy train going.
 

thechamp

Honorary Master
Joined
Feb 26, 2011
Messages
20,481
Will there be arrests and jail time I wonder? :unsure: :X3: :laugh:
Well we are not talking about government ministers here and it does seem the looting was very crass and unsophisticated, so yes I expect there will be arrests and jail time. The fact that former executives have confessed to their complicity does not look good for all those who benefited.
 

air

Expert Member
Joined
May 19, 2005
Messages
2,524
Well we are not talking about government ministers here and it does seem the looting was very crass and unsophisticated, so yes I expect there will be arrests and jail time. The fact that former executives have confessed to their complicity does not look good for all those who benefited.
yes, keen to see that flow from Floyd into EFF account/s and thereafter...
 
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