VBS scandal: ANC top 6 to meet Limpopo leadership

2018-10-15 13:54

The ANC’s top 6 will meet with officials from Limpopo after two of the province’s top 5 were implicated in an explosive South African Reserve Bank report into the collapse of VBS Mutual Bank.

Shivambu brothers on VBS report: Brian seeks review, Floyd denies getting R10m

2018-10-13 16:50

Brian Shivambu is the latest party implicated in an explosive forensic report into the collapse of VBS Mutual Bank seeking to have it reviewed.

ANC referring VBS report to its Integrity Commission

2018-10-13 09:54

The office of the ANC's secretary general has referred the report on alleged R1.8bn fraudulent activity at VBS Mutual Bank to its Integrity Commission, the majority party said in a statement

Video
WATCH: The great VBS heist… by the numbers

The South African Reserve Bank has dropped an explosive report into looting at the VBS Mutual Bank. Here's the report in numbers.

0 comments6493 Views

Floyd Shivambu scored R10m from VBS scheme - report

2018-10-11 13:00

According to the Daily Maverick, Shivambu received roughly R10m through a company where his brother Brian is the sole director. The EFF scooped R1.3m, say the publication's sources.

SARB: Auditors were part of the VBS Mutual Bank conspiracy

2018-08-15 15:06

The audited financial statements of VBS Mutual Bank which were submitted to the Reserve Bank were not reliable, Parliament has heard.

Former VBS boss only heard of ‘looting’ after it happened, advocate argues

2018-08-02 07:39

Intense arguments have been heard around whether or not Robert Madzonga, former VBS chief operations officer and group executive officer of Vele Investments, should be provisionally sequestrated.

VBS execs pulled off SA's 'biggest bank robbery', advocate tells court

2018-07-31 19:10

VBS Mutual Bank's executives have carried out the country's "biggest bank robbery" - and did so in designer suits - an advocate has claimed in the South Gauteng High Court.

BREAKING: Three VBS execs provisionally sequestrated, Vele liquidated

2018-07-31 11:50

Provisional sequestration orders have been granted against three businessman in the VBS Mutual Bank fraud saga, while Vele Investments, VBS's main shareholder, has also been liquidated.

VBS CEO: I knew, heard nothing

2018-07-22 06:05

Andile Ramavhunga claims ignorance of the fraudulently extracted R1.5 billion, though he does not deny it happened.

 

VBS, Jacob Zuma and the 'sham' Nkandla bond he couldn't afford

2018-10-14 10:51

Scandal-ridden VBS Mutual Bank gifted former president Jacob Zuma an R8.5m bond which he could not afford, and at least nine months before any documents were signed to give the bank security over the loan, an investigation reveals.

Floyd Shivambu denies getting R10m from VBS

2018-10-13 10:36

EFF Deputy President Floyd Shivambu has denied receiving R10m from embattled VBS Mutual Bank in his first direct response to the allegations against him and his brother Brian.

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WATCH: Lead investigator Terry Motau talks VBS and the squandered R1.8bn

Advocate Terry Motau's report sets out in detail how the collapse of VBS Mutual Bank was brought about by a series of fraudulent transactions worth billions.

0 comments8343 Views

KPMG vows to cooperate with SARB in wake of damning report

2018-10-11 15:42

KPMG executive chairman Wiseman Nkuhlu says the firm will take stock of the investigation and cooperate with the Reserve Bank if necessary.

Those responsible for VBS municipal losses will face the music - Mkhize

2018-09-06 06:45

Much of the money lost by municipalities to the VBS Mutual Bank scandal was intended for service delivery, Minister of Cooperative Governance and Traditional Affairs Zweli Mkhize has said.

Two more VBS execs provisionally sequestrated

2018-08-03 14:04

Two more VBS Mutual Bank executives have been provisionally sequestrated, bringing to five the total number of managers at the institution whose assets are now effectively on ice.

R4.5m the only thing linking ex-VBS boss to R1.5bn fraud saga, court hears

2018-08-01 17:59

A payment of R4.5m is the only thing linking a former VBS Mutual Bank boss to a massive saga involving R1.5bn allegedly being plundered from the institution.

VBS head's explanation of R15m bonus is ‘absurd’, court hears

2018-07-31 13:52

An explanation by VBS Mutual Bank's CEO about an alleged R15m bonus paid to him, which he says he earned for other reasons, has been described as absurd and bizarre by a legal representative.

VBS saga: Municipalities in for half-a-decade wait for a fraction of R1.5bn deposits

2018-07-26 06:30

At best municipalities could receive about 10% of their deposits once the process is concluded in about five to seven years' time.

PIC duo's shady payouts

2018-07-22 06:05

Public Investment Corporation executives Paul Magula and Ernest Nesane both allegedly received monthly payments from Vele Investments for over a year, totalling around R5m each.

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