South Africa: Looting Secrets and Shady Tactics of Banks and Auditors Revealed in Hard-Hitting Report

analysis

The looting of the VBS Bank may be astounding to struggling South Africans, but it is merely a symptom of a banking and auditing system that skirts the law in order to fleece the poor and enrich the rich. This is revealed in a new report on corporate corruption by Open Secrets, which also illustrates that the Guptas, aided by Nedbank and Bank of Baroda, are certainly not the be-all and end-all of corporate corruption.

This shady world of banking and the way they allow themselves to be used by nefarious organisations and individuals in order to turn profit, without being subject to any customary international law or binding treaty, is detailed in a new report on corporate corruption by Open Secrets.

...

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.