BUSINESS MAVERICK: Ten months and counting, VBS looters are still at large

It has been 10 months since the SA Reserve Bank published its explosive forensic report into the collapse of VBS Mutual Bank that unveiled how the bank was looted to the tune of nearly R2-billion.

Tshifhiwa Matodzi‚ the chair of VBS and Vele Investments, who was described as the “kingpin” of the fraud in the SARB’s report entitled‚ mainly authored by advocate Terry Motau, also had his estate provisionally sequestrated to recover the R325-million he allegedly stole. The looting of VBS has been in sharp focus at an inquiry into allegations of impropriety and corruption at the Public Investment Corporation , which manages R1.8-trillion worth of pensions belonging to 1.7 million current and former public servants on behalf of the Government Employees Pension Fund.

Instead of taking responsibility for the PIC’s sloppy investment decisions in VBS, its former CEO Dan Matjila has blamed the SARB’s Prudential Authority, which is responsible for regulating banks, insurers, co-operative financial institutions, and financial conglomerates. Testifying at the PIC inquiry on 17 July 2019, Matjila questioned where were the “regulatory checks and balances that are supposed to be in place to halt this kind of disaster from occurring.

Matjila said they were appointed because they had financial expertise and “strong roots” in Venda, where the bank was formed as Venda Building Society in 1982 and became a mutual bank in 1992. But the PIC’s Magula and Nesane were feeding at the VBS trough as, according to the report, they each received more than R7-million in bribes to buy their silence on the looting of the bank.

Vbs VBS vbs 🐘

They’re not at large they sitting in parliament.

They are not at large they are living large.

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