West Rand municipality to table forensic report following VBS investments

2019-04-18 18:04
Workers stage a sit-in at the West Rand District municipality over unpaid salaries (Ntwaagae Seleka, News24)

Workers stage a sit-in at the West Rand District municipality over unpaid salaries (Ntwaagae Seleka, News24)

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

The controversial West Rand District Municipality (WRDM) has promised to table findings regarding its multi-million rand investment in the now defunct VBS Mutual Bank.

The municipality invested R81m into the Limpopo-based bank, while its neighbouring municipality Merafong municipality invested R50m.

In March, mayors of the two municipalities Boyce Maneli and Maphefo Mogale-Letsie respectively, were exonerated for their alleged role in the investment scandal.

The ANC's regional spokesperson Zaza Machakela said their investigations did not implicate any councillors in the two municipalities, in particular Maneli and Mogale-Letsie.

READ: 2 West Rand mayors exonerated from the VBS Mutual Bank scandal

In a statement released by the WRDM on Thursday, it reported that on March 18, the speaker of the municipality received the Forensic Investigation Report into municipal investments into VBS.

"The forensic investigation was carried out by Messrs Deloitte, having been appointed by the Gauteng Provincial Treasury. A special council meeting was convened and held on March 19. In such meeting the service provider presented the report to the council, and a question and answer session was held.

"One of the recommendations set out unequivocally by Messrs Deloitte was that the municipality consult with its legal advisors prior to and on the manner of implementing any of the recommendations set out in the report," read the statement.

The municipality said the council on March 28 resolved to refer the report to the municipality's panel of attorneys who also act as its legal advisors. 

"Only upon receipt of the advice from the legal advisors will the municipality be in a position to determine the manner in which the matter may be taken forward," the statement read.

KEEP UPDATED on the latest news by subscribing to our FREE newsletter.

- FOLLOW News24 on Twitter

    
Read more on:    vbs mutual bank  |  johannesburg
NEXT ON NEWS24X

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.

Inside News24

 
Traffic Alerts
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.