22 March 2019

South Africa: The Great VBS Heist - Former ANCYL Limpopo Leader's R35.4 Million Spending List Exposed

analysis

Newly leaked VBS Mutual Bank statements allow a peek into VBS fixer and former ANCYL Limpopo leader Kabelo Matsepe's dodgy riches: R35.4m allegedly stolen from vulnerable Limpopo depositors and municipalities via VBS bought him a Range Rover, a property in Centurion and saw millions channelled towards his company. Matsepe's latest brazen move - claiming an additional R21.6-million in 'commissions' as a bank's creditor - shows that the VBS fight for justice is far from over.

The first big ticket item on Kabelo Matsepe's shopping list was a R2.39-million Range Rover. The luxury vehicle was "financed" through VBS Mutual Bank, but, typical of how the bank operated, Matsepe paid no instalments back to VBS, newly leaked VBS bank statements and documents show.

Matsepe's second big acquisition was a nearly R5.5-million bonded house in Midstream Estate, Centurion. Bank statements suggest that Matsepe paid only R1.97-million towards the 900 square metre house that according to public documents is still registered in his name. The balance of the R35.4-million, apart from about R3-million in legal fees that Matsepe paid to two law firms, was sent to Matsepe's company, Moshate Investment Group.

The former ANCYL leader in Limpopo, Matsepe became involved in the VBS Mutual...

South Africa

Former Sasol Coal Miners Claim More Than R80 Million for Coal-Related Illnesses

Twenty-two former underground miners are claiming more than R80 million in damages from Sasol Coal after they contracted… Read more »

See What Everyone is Watching

Copyright © 2019 Daily Maverick. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.