PRETORIA – Two former executives of the Public Investment Corporation , who served on the board of the VBS Mutual Bank, have been debarred by the Financial Sector Conduct Authority .
One of the implicated, former executive Paul Magula, who was the PIC’s executive head of risk and compliance, vehemently denied allegations that he participated in any illegal, fraudulent activities during his tenure as a VBS Mutual Bank board member. “Some of the things like, fictitious deposits, fraudulent withdrawals, bribes, that are said to have happened at VBS I got to know about when I went before the Prudential Authority’s forensic investigators. I am willing and ready to subject myself and co-operate with the law enforcement agencies,” he said.
Leaving the elephant in the and continued chasing a rat.