More evidence tide is changing against SA’s forces of darkness
With miscreants losing political influence and powerful crime fighting weapons being handed to those applying society’s rules, the tide is changing in favour of SA’s good guys.
With miscreants losing political influence and powerful crime fighting weapons being handed to those applying society’s rules, the tide is changing in favour of SA’s good guys.
Here Constitutional law expert Pierre de Vos juxtaposes what should happen now that the Reserve Bank has declared rampant criminality in the VBS bank scandal in a report, aptly entitled The Great Bank Heist, versus what probably will happen (i.e. little or nothing).
Industrial scale pillaging enacted through mutual bank VBS, was the result of conspiracy between dirty bankers, crooked politicians and bent chartered accountants.
KPMGÂ South Africa has come under new criticism after a report was released last week looking into lender VBS Mutual Bank, reports Accountancy Age.
It should be no surprise to see Cyril Ramaphosa defamed again over the weekend – this time because “sources close to a major VBS shareholder” claims he turned a blind eye towards the VBS plunder.
Politicians from both the ANC and EFF robbed depositors of their money and completely fleeced VBS Mutual Bank. But there are some heroes in this story.
A probe into the failure of VBS Mutual Bank found that at least 53 people and companies may have benefited from the looting of R1.9 billion from the South African lender before its collapse.
The Public Investment Corporation (PIC) informed its Board of Directors that the Executive Head for Legal Counsel, Governance and Compliance, Mr Ernest Nesane, has resigned.
The decision to place VBS Mutual Bank under curatorship was based on concerns that the bank was facing a liquidity crisis and could collapse, devouring depositors’ funds.
VBS Mutual Bank, one of South Africa’s smallest lenders, has been put into administration after it was unable to repay money owed to municipalities, according to the country’s central bank.