PIC welcomes arrests of suspects whose actions sunk millions at VBS

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Advocate Terry Motau, lead investigator of the report into VBS. Picture: Rosetta Msimango/citypress
Advocate Terry Motau, lead investigator of the report into VBS. Picture: Rosetta Msimango/citypress

The Public Investment Corporation (PIC) – a significant shareholder in VBS Mutual Bank before it was placed under curatorship by the Prudential Authority of the SA Reserve Bank – has welcomed the arrests of suspects involved in the collapse of VBS.

In a statement issued by PIC head of corporate affairs Deon Botha, the corporation said the arrests were “an important step in ensuring that those who were responsible for the collapse of VBS are held accountable”.

This sentiment comes after two officials from the PIC – Ernest Nesane and Paul Magula – were among eight key suspects arrested on Wednesday morning.

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