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EXTRACT | VBS: A dream defrauded

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VBS payments (supplied)
VBS payments (supplied)

Dewald van Rensburg, who was one of the first journalists to break the story of VBS Mutual Bank. His book 'VBS: A Dream Defrauded 'unravels the fraud, exploring how suspected mastermind Tshifhiwa Matodzi and his associates first took control of VBS, fed ANC patronage networks and operated under a nationalist mantle endorsed by Venda royalty. The book explains how the bank and its shareholder Vele were seemingly built into a multibillion-rand business, exposes the political machinations that guaranteed VBS up to R3.5 billion in unlawful funding from municipalities and other state institutions, and describes the free-for-all that ensued after the bank’s collapse, when all involved tried to cover their tracks. Here is an extract from the book: 

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