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.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

BUSINESS MAVERICK: Hydrogen fuel-cell cars could spell boom or bust for SA platinum industryEffervescent multi-entrepreneur Elon Musk famously described hydrogen-powered fuel-cell cars as ‘mind-bogglingly stupid’. The 200,000-plus people employed in SA’s platinum mines better hope he is wrong, because if he is right, the platinum industry is destined to go the same way as SA’s gold industry.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Monday, July 22: Five Things You Need to Know to Start Your DayHong Kong protests descend into violence again, the U.K. steps in to lower Iran oil tensions, and Japan’s Prime Minister Shinzo Abe falls short of a supermajority despite election win. Here’s what’s moving markets.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: India Closely Monitoring 50 Shadow Banks for Signs of ContagionIndia’s central bank is seeing “signs of fragility” in some of the 50 mortgage lenders and other shadow banks it is monitoring to prevent the spread of a crisis that followed the collapse of a non-bank lender last year.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Oil Extends Gains as Iran’s Seizure of Tanker Keeps Tension HighOil extended gains as tensions in the Persian Gulf remained elevated after Iran seized a British tanker, and Libyan production fell after an unidentified group reportedly shut the country’s largest field.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: From Tesla to Twitter; the mixed-bag results season so farThe upbeat picture painted by July's blowout bank earnings heralded a promising earnings season. Too bad other industries didn’t get the memo.
Source: dailymaverick - 🏆 3. / 84 Read more »

BUSINESS MAVERICK: Community wants ConCourt to declare R5bn Lonmin deal illegalSix North West mining communities have launched an application at the Constitutional Court to appeal against a Competition Appeal Court judgment that paved the way for the more than R5-billion merger between Sibanye and Lonmin to be approved. They want both companies to restart merger talks, this time involving Rustenburg mining communities.
Source: dailymaverick - 🏆 3. / 84 Read more »