West Rand municipality to table forensic report following VBS investments

2019-04-18 18:04
Workers stage a sit-in at the West Rand District municipality over unpaid salaries (Ntwaagae Seleka, News24)

Workers stage a sit-in at the West Rand District municipality over unpaid salaries (Ntwaagae Seleka, News24)

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The controversial West Rand District Municipality (WRDM) has promised to table findings regarding its multi-million rand investment in the now defunct VBS Mutual Bank.

The municipality invested R81m into the Limpopo-based bank, while its neighbouring municipality Merafong municipality invested R50m.

In March, mayors of the two municipalities Boyce Maneli and Maphefo Mogale-Letsie respectively, were exonerated for their alleged role in the investment scandal.

The ANC's regional spokesperson Zaza Machakela said their investigations did not implicate any councillors in the two municipalities, in particular Maneli and Mogale-Letsie.

READ: 2 West Rand mayors exonerated from the VBS Mutual Bank scandal

In a statement released by the WRDM on Thursday, it reported that on March 18, the speaker of the municipality received the Forensic Investigation Report into municipal investments into VBS.

"The forensic investigation was carried out by Messrs Deloitte, having been appointed by the Gauteng Provincial Treasury. A special council meeting was convened and held on March 19. In such meeting the service provider presented the report to the council, and a question and answer session was held.

"One of the recommendations set out unequivocally by Messrs Deloitte was that the municipality consult with its legal advisors prior to and on the manner of implementing any of the recommendations set out in the report," read the statement.

The municipality said the council on March 28 resolved to refer the report to the municipality's panel of attorneys who also act as its legal advisors. 

"Only upon receipt of the advice from the legal advisors will the municipality be in a position to determine the manner in which the matter may be taken forward," the statement read.

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Read more on:    vbs mutual bank  |  johannesburg

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