The former Johannesburg mayor has 18 months to build a movement and a team to compete in the 2021 municipal elections, writes Adriaan Basson.
More sun than clouds. Mild.
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.
Municipalities suffered millions in losses when after depositing a combined amount of R1.5bn in public funds in VBS Mutual Bank, but government will not bail out municipalities that used the bank against the Reserve Bank's advice.
SAICA has announced it will initiate disciplinary action against eight of its members, implicated in the 'Great Bank Heist' of VBS Mutual Bank, including former CEO Andile Ramavhunga and former holding company Vele Investments chairperson Tshifhiwa Matodzi.
Following SARB's call for VBS Mutual Bank to be liquidated, Deputy Finance Minister Mondli Gungubele tells Parliament that government is open to changing legislation.
Finance Minister Tito Mboweni has demanded accountability from those who were involved in the course of events at VBS Mutual Bank.
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