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Thread: VBS Mutual Bank being victimised - EFF

  1. #16
    Super Grandmaster ponder's Avatar
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    Ah the good ol' race card...
    entia non sunt multiplicanda praeter necessitatem

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    Quote Originally Posted by ponder View Post
    Ah the good ol' race card...
    If you cant play fair, play the race card

    BLF: VBS Bank being punished for giving Zuma loan

    Sarb Governor Lesetja Kganyago announced that VBS Mutual Bank has been placed under curatorship with immediate effect.

    Black First Land First (BLF) says the African National Congress (ANC) is killing black empowerment by allowing the South African Reserve Bank to shut down the VBS Mutual Bank.

    The bank made headlines when it granted a R7.8 million loan to former president Jacob Zuma to settle debt relating to the upgrades to his Nkandla homestead back in 2016.

    BLF says the bank, which has been placed under curatorship, is being punished for being black-owned and for giving a loan to Zuma.

    Spokesperson Lindsay Maasdorp said: “We see this as an attack orchestrated by white monopoly capital to make sure that all those who are pro-black organisations are crushed. BLF says hands off VBS Bank and nationalise the Reserve Bank now.”

    However, in Sunday afternoon's briefing, Governor Lesetja Kganyago dismissed claims that the Reserve Bank meddles in the affairs between banks and their clients, sternly affirming that each bank's management is solely responsible for loans it issues to members of the public.

    “VBS experienced increasing liquidity challenges over the last 18 months. These problems emanated from a failure of the board of directors and executive management to manage the bank’s rapid growth and its funding and liquidity position.”

    He says this resulted in VBS being placed under intense regulatory scrutiny.

    “The liquidity challenges emanated from the maturity of a large concentration of deposits from municipalities and was exacerbated by the termination of other sizable deposits and the inability to source sufficient funding timeously.”

    He says it was highly risky for the bank to take sizable municipal deposits that were short-term and lend them out long term.

    “The minister of finance, upon the recommendation from the Registrar of Banks, has decided to put VBS Mutual Bank under curatorship with effect from 5 pm on Sunday, 11 March 2018.”

    The bank is expected to operate as normal on Monday.
    Last edited by TysonRoux; 13-06-2010 at 07:00 PM.

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    Do all these critics bank with VBS? I doubt any of them are willing to risk their money with that bank not even Zuma
    X

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    Quote Originally Posted by f2wohf View Post
    The commonly believed version is that the loan was covered by the Venda king (that Zuma refused to crown until the loan was granted).

    Don’t forget that Zuma has also benefited big time from other “benefactors” and that it’s not all necessarily the Guptas.
    That's the first I've heard of the commonly believed version, although it wouldn't surprise me if it were true, I still think the Guptas "paid back the money" (with money that they obtained through corrupt means).
    Quote Originally Posted by sajunky View Post
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    ^Photos or it didn't happen.
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    Attachment 516535

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    Quote Originally Posted by NarrowBandFtw View Post
    Jesus the EFF sure is keen to support every single ANC avenue of corruption now that the figure-head Zuma is gone ...
    "come back home" they said...

  6. #21
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    Quote Originally Posted by beans100 View Post
    What is VBS bank, never heard of such a bank?
    There are 4 mutual banks in South Africa:

    GBS Mutual Bank
    VBS Mutual Bank
    Finbond Mutual Bank
    Bank Zero
    Quote Originally Posted by saor View Post
    saor is a dumbass

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    I wish every EFF member would put their life savings into that bank, then force the reserve back to withdraw the curator ship so we can all watch the bank go down and everyone lose their life savings.

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    He says it was highly risky for the bank to take sizable municipal deposits that were short-term and lend them out long term.
    Eish this is what happens when the math pass rate is 30%.

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    Quote Originally Posted by diesel View Post
    I wish every EFF member would put their life savings into that bank, then force the reserve back to withdraw the curator ship so we can all watch the bank go down and everyone lose their life savings.
    Isn't that borderline psychosis?
    Yeah whatever mate

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    Super Grandmaster ForceFate's Avatar
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    Quote Originally Posted by diesel View Post
    Eish this is what happens when the math pass rate is 30%.
    Managers of the bank are products of Bantu education
    Yeah whatever mate

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    Just expropriate the bank and all its assets- without compensation.

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    He says it was highly risky for the bank to take sizable municipal deposits that were short-term and lend them out long term.
    Sounds like a bank to me...

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    Quote Originally Posted by therealace View Post
    Sounds like a bank to me...
    Except the municipalities were acting outside of the law...
    Quote Originally Posted by MidnightWizard View Post
    I must be retarded then

  14. #29
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    Quote Originally Posted by ForceFate View Post
    Managers of the bank are products of Bantu education
    I'm pretty sure top managers & directors all hold degrees, I highly doubt blaming apartheid for their gross mismanaged is gonna fly. They did fine since 1982 only to fsckup now.

    What's interesting is how municipalities started depositing with them 18 months ago (illegally), round about the same time they gave zumatello a 'loan' to pay back the money for nkandla. Coincidence maybe but I doubt it...

    You also don't need a b.com to figure out that taking short term deposits and lending those out long term is going to end badly when a big depositor wants to withdraw and you can't meet your obligations (you're only a small bank, small client base & limited assets)... unless someone promised you behind closed doors that they will ensure depositors won't come knocking maybe?

    C'mon look at this objectively and just forget about apartheid for a second, don't you see any other possible reasons for their failure?
    Last edited by ponder; 12-03-2018 at 11:04 AM.
    entia non sunt multiplicanda praeter necessitatem

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    Quote Originally Posted by ForceFate View Post
    Managers of the bank are products of Bantu education
    The chairperson and ceo are chartered accountants.

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