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

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Jumping the gun again. As if any of the many criminal charges they keep laying ever amount to anything. They'd be better served putting pressure on this from outside rather than just going around laying charging that just get filed in 13.
I dislike the DA, but someone has to actually lay charges for something to happen. Do you think the ANC or the EFF will? Just curious...
 

Tman*

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Reverse robin hood.

Take from the poorest of the poor to make the rich richer. Those implicated are scum
 

R13...

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I dislike the DA, but someone has to actually lay charges for something to happen. Do you think the ANC or the EFF will? Just curious...
The various municipalities can. Or someone can contact some of the poorer depositors. Or the SARB can.
 

R13...

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True, very much like a ponzi scheme masquerading as a bank..
Well, the bank grew up as a building society which is just one step from a Ponzi scheme. The difference being the integrity of the admins of the society. I think what happened is that the VBS people got thrust into the spotlight by the Zuma loan and then they suddenly realized they could actually get some real money in their hands. So when municipalities started depositing hundreds of millions they got wide eyed with greed. So, they decided to just steal everything that was deposited and then go out and solicit even more for them to steal.
 

Sneeky

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True, very much like a ponzi scheme masquerading as a bank..
Interesting choice of words and shared by this lady mentioned in the full report.
22.6 Yvonne Page ("Page"), the former acting Group CFO of PRASA who told us about the attempts that were made by VBS to solicit a deposit of R1 billion from PRASA. Her intervention blocked very senior officials at PRASA from depositing that sum into what she described as "a Ponzi scheme".
 

3WA

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Lol, next time the EFF say it’s hard for black graduates to break middle class, just show them the guy who got R16m in consulting work the year after leaving varsity.
 

schumi

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Dali Mpofu on VBS: What, me worry?

EFF chairperson Dali Mpofu on Thursday fobbed off attempts to get comment from him after revelations that the brother of the party's deputy president Floyd Shivambu received R16m in the VBS Mutual Bank debacle. The Daily Maverick has since reported that some of that money found its way into Shivambu's and the party's coffers.
Mpofu, whose clients as an advocate include controversial figures such as suspended South African Revenue Service commissioner Tom Moyane, refused to acknowledge to eNCA business reporter Dimakatso Thugwana that the party needs to consider the links between one of its senior leaders and the looting at VBS.
Thugwana, who repeatedly came at Mpofu, opened her questioning of the EFF heavyweight by asking him whether the party had received any money from VBS. But Mpofu wasn't playing ball.
"No, anyone who has any information to that effect must come to us. We will obviously investigate whatever any allegations that are made, but we can't respond to allegations made in the air.
"Unfortunately I cannot comment too much about the process of the report, because I actually participated there, I represented an unrelated client. Maybe, unlike other citizens, I know about the weaknesses of that process which I wouldn't like to share now.
"But, uhm, as far as the other concerns about somebody's brother and so on, we're not answerable for brothers and sisters. So we are, you know, not a burial society."
More at: https://www.news24.com/SouthAfrica/News/dali-mpofu-on-vbs-what-me-worry-20181011

 
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I don't think anyone is surprised. If it wasn't KPMG it would be another scummy "auditing" company.
Do the big 4 differ from each other in integrity? I have had one of them telling me that she had to tell her clients to misdeclare the imports they made as 'they could not afford to pay the VAT due' - which would have been deductible input tax anyway. High priced scum.
 
Joined
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Reverse robin hood.

Take from the poorest of the poor to make the rich richer. Those implicated are scum
Well not really the poorest of the poor. A lot of the money came from municipalities, and the poorest of the poor do not contribute much, if anything, to the coffers of the municipalities. Guess who does?
 
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