South Africa: PIC-Deployed VBS Looters Must Pay Back R23.4 Million, Court Orders

analysis

Former PIC officials and VBS looters Ernest Nesane and Paul Magula must pay back R11.2-million and R12.2-million, respectively, in cash and penalties owed to their former blesser, Vele Investments, the High Court in Pretoria ordered on Monday.

Ernest Nesane and Paul Magula were key PIC officials appointed to guard their employer's R530-million stake in VBS Mutual Bank. Instead, they enabled the bank's managers, as well as businessmen and politicians, to loot the bank into insolvency.

For being good team players for the looters, they were themselves handsomely rewarded: Between November 2015 and March 2018 Nesane pocketed R16.64-million and Magula R12.89-million in illegal cash, loans and benefits. Read all about those money flows here.

The Great Bank Heist: How VBS bought the silence of two key PIC officials

Both confessed to having received some R7-million in VBS loot when questioned by advocate Terry Motau and law firm Werksmans during the 2018 investigation into the bank's woes. Nesane and Magula attempted to pull a blanket of credibility over the rest of their loot.

The wheels of justice turn slowly, however, and for Nesane and Magula they grind exceedingly fine.

The High Court in Pretoria on Monday ordered Nesane to pay...

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