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Thread: VBS Mutual Bank being victimised - EFF

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    Default VBS Mutual Bank being victimised - EFF

    Cape Town – The Reserve Bank should only place VBS Mutual Bank under curatorship as a last resort, the Economic Freedom Fighters (EFF) said in Sunday.

    The party issued a statement following a report in the City Press that the mutual bank is facing a liquidity crisis after Treasury instructed municipalities to stop investing with the bank.

    A number of councils withdrew more than R1bn from the bank after Treasury gave the order early last year. City Press reported that the South African Reserve Bank (SARB) is expected to place the bank under curatorship this week if it does not get the necessary cash injections for its reserves.

    However, the EFF believes that alternative rescue measures must be considered before placing the bank under curatorship. “Opting for curatorship as the first measure undermines the bank and undermines black people’s participation in the ownership and control of financial services institutions,” the party’s spokesperson Mbuyiseni Ndlozi said.

    The EFF also criticised government’s actions for undermining and hindering the participation of black people in the financial sector.
    https://www.fin24.com/Companies/Fina...eff-20180311-2

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    Close it down.

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    Jesus the EFF sure is keen to support every single ANC avenue of corruption now that the figure-head Zuma is gone ...
    none so blind as those who refuse to see

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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 ...
    Yep, but then again the whole of South Africa, as well as the rest of the world knows that the EFF, just like the ANC, is a corrupt terrorist organization driven by hate and revenge. Very little to no respect to any of these two organizations from anywhere around the world. Their own closest 'friends', such as China and Russia perceive both organizations as idiotic too.

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    Hahahahaha! Com'on face the facts..... Embrace , forget the past and lets move onwards!
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    Of course money laundering and other suspected instances of wilfully contravening legislation and regulations must be victimisation of the politically connected and corrupt.

    Luckily Victims Bankrolling Services covered its arse by reporting all such Gupta money laundering transactions.
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    Just in: SARB places VBS Mutual Bank under curatorship

    Cape Town – The South African Reserve Bank has placed VBS Mutual Bank under curatorship, Governor Lesetja Kganyago announced on Sunday.

    The Reserve Bank called the briefing following a report in the City Press that the mutual bank is facing a liquidity crisis after Treasury instructed municipalities to stop investing with the bank. A number of councils withdrew more than R1bn from the bank after Treasury gave the order early last year.

    READ: VBS Bank goes bust
    Kganyago said that given the severity of the liquidity crisis VBS is facing, the minister of finance, upon the recommendation of the Registrar of Banks has placed the bank under curatorship with effect of Sunday March 11, 17:00.

    “The SA Reserve Bank is of the view that the appointment of a curator is in the best interest of the public and VBS depositors,” he said.

    Curatorship is considered the most suitable and effective mechanism to facilitate orderly management of VBS Bank, said Kganyago.
    https://www.fin24.com/Companies/Fina...hip-20180311-2

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    Wink Zuma loan bank probed

    Zuma loan bank probed

    2016-09-18 06:00
    Name:  a0b8a3f9c043479ca2904b68ea7ea88e.jpg
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    The bank that came to the rescue of President Jacob Zuma – by granting him a loan to repay his R7.8 million Nkandla debt – now faces a possible probe from the Financial Services Board relating to a R136 million loan it is said to have given to a company in which its chairperson and chief operating officer (COO) have an interest.

    The loan was for a 54% stake in fuel company Afric Oil.

    A dossier, sent to the board by a whistle-blower – which City Press has also received – reveals that in the last financial year, Venda Building Society (VBS) Mutual Bank allegedly loaned R136 million to Vele Investments, a company in which the bank’s chairperson, Tshifhiwa Matodzi, and its COO, Robert Madzonga, have undeclared interests.

    According to the whistle-blower, Matodzi and Madzonga did not declare their interests in Vele to VBS, and the loan to their company was not approved by the bank’s board.

    On Friday the Financial Services Board’s (FSB) spokesperson, Tembisa Marele, said: “The matter was received through the whistle-blowing system and will be processed like any other whistle-blowing matter.

    “At the end of this process, a determination will be made as to whether the Financial Services Board has any jurisdiction to investigate the matter.”

    City Press understands the matter has also been brought to the attention of the SA Reserve Bank. However, the central bank had not responded at the time of going to press.

    The Reserve Bank and FSB have regulatory oversight in the banking and financial services sectors, with the former having direct powers over banks.

    The dossier paints a picture of an open season at the bank, with banking executives flouting lending and recruitment policies and regulations, and using depositors’ money to finance birthday bashes. However, VBS has denied giving a loan to Vele.

    Suspicious intent

    The dossier bears the name of Dyambeu Investments, which holds a 26% stake in VBS.

    Among others, Dyambeu is co-owned by construction magnate David Mabilu and vhaVenda King Mphephu Ramabulana.

    Mabilu refused to comment and Ramabulana’s spokesperson said the king would not speak on matters related to the bank.

    The little known VBS shot to national prominence six weeks ago when City Press revealed that it was processing a loan application from Zuma for the R7.8 million he needs to pay for the Nkandla security upgrades.

    VBS’ decision to finance Zuma’s debt came two weeks after the courts barred the president from crowning Ramabulana as King. This followed a court application by Ramabulana’s niece, Princess Masindi Mphephu, to stop the coronation.

    Masindi claims that she is the rightful heir to the throne.

    The coincidence between the bank’s decision to finance Zuma’s loan and the president’s decision to crown King Ramabulana has raised speculation that the loan is linked to the fights over the vhaVenda dynasty.

    On Friday Mbulaheni Mphephu, a member of the vhaVenda royal family, told News24 that he questions the timing of Zuma’s loan and his decision to crown King Ramabulana.

    “It [the court battle over his kingship] is ready to go to trial. Then all of a sudden this year we heard that Zuma would coronate Ramabulana. It did not make sense to us. Why? Surely he would wait for the case to be heard first? It was just a few months. Why would you coronate the king when a trial date has been set, then followed by the pronouncement of the loan?” said Mphephu.

    The King’s spokesperson Chief Livhuwani Matsila dismissed this saying “silly and childish allegations around this issue do not deserve the King’s response.”

    He said the King Ramabulana would not comment on the loan issue as “VBS management is the only competent and responsible authority to can provide clarity on loans.”

    Conflict of interest

    According to the dossier there was no evidence in the possession of VBS to show that Matodzi had an interest in Vele, something he would have had to do as a senior officer of the bank.

    “The approved loans were made contrary to the prescribed policies and procedures adopted by VBS when considering applications for loans and advances. In particular, the granting of this loan, considering the quantum thereof, has never served before the board for approval,” the dossier says.

    Of Madzonga, the document says “to the date of the writing of this report, Madzonga remains an active director and chairperson of Vele.

    The same Vele which has an approved loan from VBS. The conflict of interest is glaring,” said the dossier.

    Attached to the complaint is Companies and Intellectual Property Commission search retrieved last week which reveals that both Matodzi and Madzonga are active directors of Vele Investments.

    Further, the document reveals that the loan approved to Vele was meant for acquiring a 54% stake in fuel group Afric Oil, which is owned by the Pembani Group. Pembani’s chief executive officer Kennedy Bungane refused to comment about the company’s discussions with Vele or any other party.

    The whistle-blower also complains about the employment of Madzonga, a former MTN corporate services executive, as VBS’ chief operating officer, saying he was scandalous.

    During his time at MTN Madzonga was implicated in the ICT Indaba scandal that led to Public Protector finding against Communications Minister Dina Pule and led to her sacking.

    The complaint says: “Madzonga has made newspaper headlines for being under investigations by the Hawks for his role in the alleged fraud and corruption relating to an ICT Indaba Conference. Madzonga was suspended from MTN as it corporate Services Executive pending an internal investigation into allegations of misconduct and irregularities. His suspension was upheld by the Labour Court.”

    He eventually left MTN.

    The document also argues that Madzonga’s appointment as COO was never approved by the VBS board and that even the bank’s human resources committee learned about his appointment through the media.

    The complainant also questioned why VBS, which declared a R4.9 million profit in the last financial year, was able to finance Venda King Mphephu Ramabulana’s birthday. Ramabulana’s lavish birthday was held over several days in Venda last month.
    VBS Responds

    Speaking on behalf of the bank, Matodzi and Madzonga, Ndivhuwo Khangale denied that VBS had approved a R136 million loan to Vele.

    “VBS has never received an application for a loan from Vele for the stake in Afric Oil”.

    He would neither confirm nor deny that both Matodzi and Madzonga are directors of Vele.

    “VBS can only respond to issues pertaining to its own business”.

    Without answering directly if Matodzi and Madzonga had declared their interests, he said: “Board members generally declare their interests in every sitting”.

    Khangale said Madzonga was rightfully employed by the bank’s chief executive Andile Ramavhunga and the human resources committee.

    Asked if the bank had considered Madzonga’s chequered MTN past, he said “when filling vacancies, the bank applies its standard screening process which is not based on allegations in media and other public platforms, but independently verified facts”.

    He also denied that the bank had financed King Ramabulana’s birthday.
    What happens with Zupta's "loan" now?
    Last edited by TysonRoux; 13-06-2010 at 07:00 PM.

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    Quote Originally Posted by TysonRoux View Post
    https://www.news24.com/SouthAfrica/N...robed-20160917

    What happens with Zupta's "loan" now?
    Wow, that reads like a soap opera script, or a very bad movie!?
    Last edited by Gordon_R; 11-03-2018 at 06:57 PM. Reason: Fix URL.

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    Quote Originally Posted by j4ck455 View Post
    Of course money laundering and other suspected instances of wilfully contravening legislation and regulations must be victimisation of the politically connected and corrupt.

    Luckily Victims Bankrolling Services covered its arse by reporting all such Gupta money laundering transactions.
    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.

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    Ja, better watch out white people are closing VBS bank right from our lounges in our homes, just like we did when we got rid of Zuma..

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    In what universe is the EFF qualified to express opinions on financial matters?
    If you don't know where you are going any road can take you there
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    What is VBS bank, never heard of such a bank?

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    Quote Originally Posted by beans100 View Post
    What is VBS bank, never heard of such a bank?
    It was in the news for the past year... you were not stationed in Antarctica, were you?
    Yeah whatever mate

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    https://www.fin24.com/Companies/Fina...ago-20180311-2

    The Reserve Bank Lesetja Kganyago has slammed ideas that its decision to place VBS Mutual Bank under curatorship is an attack on black-owned banks.

    Kganyago was speaking at a briefing on Sunday afternoon, where he announced that the mutual bank would be placed under curatorship given the “severity” of its liquidity crisis.
    However, at the briefing Kganyago said it was “plain wrong” to view the bank’s actions as an attack on a black bank.

    “The colour of money is red, it is green, yellow, it’s blue. If you apply for a banking licence and you are taking deposits you will be supervised in terms of the Bank’s Act, irrespective of who owns you,” he said. “The notion that the Reserve Bank decided to attack a black bank has to be condemned.”

    “We supervise all banks irrespective of who owns them,” said Kganyago.

    He emphasised that the central bank was acting in the public interest by protecting depositor’s funds.

    Deputy governors Kuben Naidoo and Francois Groepe echoed similar views.

    “It’s not about a black bank or a white bank,” said Naidoo. He explained it was about protecting depositors in this case it includes deposits from stokvels and rural people, which are mostly black. “We have a legal obligation to protect them,” he said.

    “We act in terms of the Constitution, without fear, favour, or prejudice,” said Groepe. He added that it is objectionable to say the Reserve Bank acts in bias. “We do not see colour. We regulate these entities to the best of our abilities,” said Groepe.

    Naidoo explained that the decision to place VBS under curatorship was triggered on February 16, when it failed to honour an obligation of the National Payments System. The Reserve Bank had discussions with the bank’s management and board as well as its biggest shareholders; the Public Investment Corporation and Vele Investments; to develop a rescue plan.”

    “After an exhaustive process of engaging with the board, management and shareholders, there was no other solution besides curatorship," he said.

    Naidoo advised that people who have loans from VBS should continue to pay them off. The bank will continue to operate its transactional accounts and will be recovering loan repayments, he explained.

    Those with small deposits, less than R50 000, will be able to access their money overnight, he said.

    “We are appealing to people with deposits at the bank to understand that it is protected and government is protecting those deposits.”

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