This comes amid allegations that Simelane has secured a loan of R500 000 from a company that allegedly brokered investments of nearly R350 million by the Polokwane municipality in the now-defunct VBS Mutual Bank in 2016.She reportedly used the loan to purchase a coffee shop in Sandton, Gauteng.
The municipality’s spokesperson Thipa Selala admits that the municipality had invested money in VBS Mutual Bank but later withdrew it. “Let me confirm that indeed the municipality did invest in VBS but later withdrew as it had seen that it was not compliant with the Municipal Finance Management Act.” “The municipality withdrew its investment even before the National Treasury could issue a circular on that matter. The municipality not lose any funds from the investment,” adds Selala.SABC CEO again calls on Portfolio Committee to look at funding model Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies.