VBS Mutual Bank being victimised - EFF

konfab said:
Unions being a pack of illiterate corrupt liars? Tell me something I don't know...



Their official statement.


http://www.samwu.org.za/press-statements/item/1539-samwu-does-not-have-a-mortgage-loan-with-vbs.html

They are a pack of liars, though that won't stop the loyal membas from paying their dues.

:crylaugh:
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The curators of VBS should take action to repossess SAMWU's headquarters building since they have clearly not been making their mortgage repayments, and even if the mortgage was fraudulent, the repossession proceedings will result in the truth being revealed far quicker than the current charade.
 
Hard to know who to believe: https://www.businesslive.co.za/bd/n...as-a-bond-with-controversial-vbs-mutual-bank/

"Despite the union’s general secretary [Simon Mathe] having confirmed with the journalist when queried about the alleged mortgage loan that the union has not financed its head offices‚ the publication went ahead and printed the story which is now causing [reputational] damage to the union.

"We can confirm that the union’s head offices are fully paid up since 2007. The only credit facility which Samwu has entered into with VBS is for the provision of photocopy machines for the head office‚ [and] provincial and regional offices. This loan is currently being religiously serviced through a debit order on a monthly basis‚" Samwu said in an official statement.
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Gauteng municipalities that invested millions in VBS to be investigated


The Gauteng treasury plans to investigate investments made with VBS Mutual Bank by the West Rand District Municipality and Merafong Local Municipality.

This was revealed by the provincial treasury on Tuesday when it said the two municipalities invested millions of rand in the controversial bank.

The treasury said it would implement a forensic investigation into the circumstances surrounding the investments.

“The aim is to determine whether these investments breached the Municipal Finance Management Act and whether any official should be charged with misconduct as a result of these investments. This decision follows confirmation from the municipalities involved that they do not have the capacity to comply with an instruction from National Treasury made at a meeting on March 22 this year to investigate and report on the circumstances surrounding their investments‚” the provincial treasury said.
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More at: https://www.timeslive.co.za/politic...in-vbs-to-be-investigated/?platform=hootsuite
 
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VBS saga could sink 15 councils


Fears are mounting that up to 15 municipalities across the country could collapse because they are not likely to recover their R1.5bn investments at VBS Mutual Bank.

Their exposure to VBS was “too large compared to their operating revenue”, according to a Treasury document sent to the affected municipalities last week.

The SA Reserve Bank (Sarb) placed VBS under administration in March, following a liquidity crisis. VBS’s main source of cash was illegal short-term municipal deposits which it used to fund long-term loans to clients.

Senior Treasury officials fear that some of the municipalities – based in Limpopo, North West, Gauteng and Mpumalanga – could collapse. This would force their provincial governments to place them under administration.
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More at : https://www.fin24.com/Companies/Financial-Services/vbs-saga-could-sink-15-councils-20180512
 
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Senior ANC official linked to VBS scandal

Some of the affected municipalities in Limpopo are claiming an ANC bigwig in the province advised them to invest with VBS – but it was illegal.

A senior ANC official in Limpopo has been accused of facilitating deals with some of the 15 municipalities that invested a total of R1.5 billion into the controversial VBS Mutual Bank, which has been forced to close by the Reserve Bank after facing a liquidation crisis.

The 15 municipalities, which are at risk of being placed under administration after the investment, are in North West, Mpumalanga, Gauteng and Limpopo.

The Citizen can reveal that the Vhembe district municipality committed R311 million, which is 34.57% of their annual operating budget, while the Greater Giyani local municipality invested R158 million, or 52.27%, of annual operating revenue.

South African Local Government Association provincial chairperson Thembi Nkadimeng said they advised municipalities not to invest in the bank as per National Treasury directives. But now some of the affected municipalities in Limpopo are accusing the provincial ANC head office of misleading them.

They claimed an ANC bigwig in the provincial executive committee (PEC) advised them to invest with VBS.

“We trusted this comrade because he was from the biggest office of the ANC in the province. … But after advice from Treasury, we now know this comrade and his political camarilla were just abusing their positions as ANC leaders, using the power of their offices for selfish gains,” said one angry official on condition of anonymity, for fear of victimisation.

According to a Treasury document sent to the affected municipalities, the investments were illegal.
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More at: https://citizen.co.za/news/south-africa/1933845/senior-anc-official-linked-to-vbs-scandal/
 
Cattle compensate Venda king in VBS bank gifts row

Venda king Toni Ramabulana will receive a herd of cattle from the directors of the company that owns VBS Mutual Bank, as an apology for the "embarrassment caused to him" when his name was dragged into the bank's problems.

Robert Madzonga, CEO of Vele Investments, said in a statement yesterday that the directors would visit the king's official residence, House at Dzata, in Dzanani, Limpopo.

"Vele Investments wishes to formally apologise to the king and his royal family and the entire VhaVenda nation for what they are going through as a result of the negative publicity," he said.

The Sunday Times reported last week that money looted from VBS had been used to shower the king with gifts worth almost R12-million, including a R7.8-million house at Dainfern Golf Estate, a R1.1-million Range Rover Sport, a R1.5-million BMW 750Li, and a R1.3-million Mercedes-Benz Viano.

Money from VBS was also used to buy a Bell 222 helicopter to be used by the king and directors of Vele.
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More at : https://www.timeslive.co.za/sunday-...attle-compensate-venda-king-in-vbs-gifts-row/
 
"Vele must clean up the mess it created and confusion it brought to the people of Venda. It pains the king to see his subjects sleeping on the floor on a cold winter night to be in line to withdraw their hard-earned cash from the bank they trusted with their savings."

Maybe king needs to sell all of those things and help his subjects.

Where did money come from to buy cattle?
 
Vrotappel said:
You cannot make this ship up. How do you get these people out of the first millennium?
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Maybe with Bell 222 helicopter.

On more serious note, I really do not understand those people in power. They can see poverty around them and they still steal and abuse public funds.
 
Sarb confirms Treasury guarantee of up to R100k for VBS retail depositors

Sarb confirms Treasury guarantee of up to R100k for VBS retail depositors

The SA Reserve Banks says it will announce the details on the repayment of retail deposits on Monday. In March, the central bank announced it would guarantee R50,000 per depositor.

The South African Reserve Bank (Sarb) has confirmed it has secured a guarantee from National Treasury for retail deposits of up to R100,000 per depositor, for VBS Mutual Bank retail depositors.

The Sarb says it will announce the details on the repayment of retail deposits on Monday.

Retail depositors refer to individuals, funeral schemes, burial societies, savings clubs and stokvels. In March, the central bank announced it would guarantee R50,000 per depositor.

Now in a statement, it has doubled that amount with the concurrence of the finance minister.

“The curator will continue to collect on loans due to VBS Mutual Bank. Individuals and entities with loans at VBS Mutual Bank are expected to continue to make payments on these loans. We ask retail depositors to remain patient and know that the SARB continues to prioritise their best interests.”
 
Sounds like its game over, the looting was relentless and unsophisticated: https://www.news24.com/SouthAfrica/News/vbs-paid-bribes-to-pic-prasa-officials-20180708-3

The “epic” scale of the alleged fraud perpetrated at VBS Mutual Bank is detailed in an explosive new affidavit by VBS curator Anoosh Rooplal, including the wanton creation of millions in fake deposits and bribes paid to politicians and “senior officials” of the Public Investment Corporation (PIC) and the Passenger Rail Agency of SA (Prasa) to get them to deposit public money in the bank.

The directors of VBS Mutual Bank and its majority owner, Vele Investments, stole more than R1.5bn from the bank’s depositors, claims the affidavit. It accompanied an urgent application to liquidate Vele, which was filed on Friday. Applications to sequestrate the bank’s executives will follow shortly.

Most of the shocking details come from evidence provided by VBS’s former treasurer, Phopi Mukhodobwane, who revealed how he and his colleagues allegedly pillaged depositors’ money.

He also provided evidence of the patronage network built to keep money flowing into the bank.
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VBS chairperson Tshifhiwa Matodzi was the “main architect of the fraudulent scheme” and made the most money from it, alleges Rooplal. VBS chief executive Andile Ramavhunga, chief financial officer Philippus Truter, treasurer Mukhodobwane and chief operations officer Robert Madzonga were, however, all part of it, he says.
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“The perpetrators were effectively stealing money at a greater rate than was being deposited into VBS. This resulted in the severe liquidity crisis in which VBS finds itself,” alleges Rooplal.

“Vele has acted with such dishonesty that, even at this stage, it may prove a difficult task to locate all of the proceeds of the fraud.”

Despite the bank becoming a house of cards, KPMG auditor Sipho Malaba signed off VBS’s books last year.

Rooplal argues for the immediate liquidation of Vele so that he can recover whatever is left of the looted money.
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Hey Julius I bet you feel like a plonker right now
 
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