South Africa: Questions Over Free State Development Corporation's R104 Million VBS Investment

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.

...

AllAfrica publishes around 500 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.