Brian Shivambu rocks up with R3m after pleading poverty

2019-09-13 19:18

The EFF leader’s brother has had an astonishing reversal of fortunes. Early this year he could afford no more than R5 000 per month to pay his enormous VBS debt. Last month he suddenly had R1m and this week he had another R2m to throw at the problem. Where he got it, no one knows.

Stolen VBS money paid for EFF birthday bash - report

2019-05-28 10:53

An investigation by Scorpio has revealed that money stolen from VBS Mutual Bank funded the EFF's fourth birthday bash, which was held at a popular party venue in Umlazi, Durban.

#VBS: Merafong council takes a unanimous decision to implement report recommendations

2019-03-06 22:12

The council of the Merafong municipality has resolved to implement recommendations in the VBS Mutual Bank report which include disciplinary action and civil and criminal charges.

PIC pursuing those responsible for VBS fallout, awaiting Steinhoff outcomes

2018-12-07 12:26

The PIC has Scopa it is pursuing those responsible for VBS-related losses, and awaiting the outcome of a PwC forensic investigation into Steinhoff before making a decision.

Zuma must still pay back the VBS money

2018-11-27 07:51

Former president Jacob Zuma is still required to honour monthly payments for his home loan at VBS Mutual Bank.

'We should be ashamed VBS could not be saved' - Malema

2018-11-17 08:18

EFF leader Julius Malema says we should be ashamed that we folded our arms and let VBS bank be liquidated.

VBS saga: 7 Limpopo municipalities could be placed under administration

2018-11-14 17:54

Seven municipalities in Limpopo are on the brink of insolvency and could be placed under administration after they lost hundreds of millions of rands in investments into VBS Mutual Bank.

VBS scandal: EFF's Ndlozi says report implicating Brian Shivambu has 'too much fiction'

2018-11-07 22:33

EFF MP Mbuyiseni Ndlozi has rubbished the forensic report into large-scale looting at VBS Mutual Bank, in which the brother of the party's chief whip, Floyd Shivambu, was implicated.

VBS looting 'racketeering of its worst' kind, Hawks interviewed 65 witnesses

2018-11-07 17:01

The Hawks have already obtained 65 witness statements in their investigation into VBS Mutual Bank, Parliament's Standing Committee on Finance has heard.

SARB, Treasury caught on late to illegal VBS deposits - Nene

2018-11-02 19:59

National Treasury and the Reserve Bank only realised in 2017 that the municipal deposits into VBS Mutual Bank were illegal, former finance minister Nhlanhla Nene has said.


EXCLUSIVE: VBS liquidators want to attach Nkandla if defaulting Zuma cannot pay back loan

2019-09-10 16:44

The liquidators of VBS Mutual Bank have served papers on former president Jacob Zuma demanding repayment of a mortgage loan of more than R7m, failing which they are asking the court to attach his Nkandla property to recoup the money.

VBS Mutual Bank curatorship cost R21.6m

2019-03-15 06:15

The total cost of placing VBS Mutual Bank under curatorship amounted to R21.6m, Finance Minister Tito Mboweni has said.

ANC Gauteng sends VBS mayors to integrity commission

2018-12-14 07:55

The ANC in Gauteng has decided to refer mayors from two of its municipalities in the West Rand to its provincial integrity commission over the VBS scandal, while its council in Emfuleni will elect a new mayor.

VBS looting: ANC mayors linked to banking scandal refuse to step down

2018-12-06 15:54

Seven mayors in the North West, including four implicated in a report on the collapse of VBS Mutual Bank, are refusing to resign in spite of being instructed to do so by the ANC's provincial task team.

24 municipalities now under administration

2018-11-18 07:13

Eight municipalities from the North West were placed under administration in September alone.

VBS blindsided us, admits local government body

2018-11-16 15:39

The South African Local Government Association was not aware of VBS's issues until it was too late, national executive committee member Bhekumuzi Stofile has told Parliament.

I never told municipalities to support VBS - Supra Mahumapelo

2018-11-09 14:49

Former North West premier Supra Mahumapelo has rubbished claims that he "vigorously encouraged" municipalities in his province to invest R314m with now collapsed VBS Mutual Bank.

VBS scandal: Limpopo premier at pains to explain why no action has been taken against mayors, politicians

2018-11-07 21:09

Limpopo Premier Stan Mathabatha was at pains to explain the VBS saga as public pressure mounts on the government and ruling party to act against those implicated. VBS scandal: Limpopo premier at pains to explain why no action has been taken against implicated politicians

Explainer: Lessons from the collapse of a small South African bank

2018-11-06 06:01

One of the main lessons from the VBS Bank collapse in South Africa is that audit reports need to be treated with a degree of circumspection. In some cases they will require independent verification.

Salga hails allocation increases, urges more support

2018-11-01 21:11

Even though increases in allocations to municipalities were above inflation, they were not enough to pull them out of their various financial quandaries, says Salga.

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