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

Joined
Apr 8, 2006
Messages
61,159
#81
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
 
Joined
Mar 6, 2004
Messages
25,458
#82
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/c...18-10-11-vbs-report-throws-kpmg-back-in-dock/
 

Sneeky

Honorary Master
Joined
May 5, 2004
Messages
11,035
#86
: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/so...r300000-christmas-in-vbs-bank-feeding-frenzy/
 

Ancalagon

Honorary Master
Joined
Feb 23, 2010
Messages
15,126
#91
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.
 

thechamp

Honorary Master
Joined
Feb 26, 2011
Messages
18,188
#96
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
2,471
#97
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...
 
Top