The Free State Development Corporation (FDC) violated financial regulations in placing a massive R100m investment with the now collapsed VBS Mutual Bank (VBS).
News24 has established that the FDC, which is state owned, ignored or bypassed provisions in the Public Finance Management Act (PFMA) and Treasury regulations in placing the investment with VBS. The investment was also hidden from scrutiny, with no mention thereof in the FDC's financial statements.
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