Top Names in 'The Great Bank Heist' at VBS Mutual
Prominent opposition politician Floyd Shivambu of the Economic Freedom Fighters has been accused of receiving millions from VBS Mutual Bank, via his brother Brian. The bank's operations came under the spotlight when investments made by municipalities could not be paid out. The EFF released a statement about the damning report, but have not commented on the allegations involving the Shivambu brothers. About 2 years ago former president Jacob Zuma's claimed that he took out a mortgage with the bank during the dispute over the funding of R243 million upgrades at his private Nkandla home. However, the National Treasury ruled that Zuma had to pay back R7.8 million of taxpayers' money. More than 50 people have been named in the report - read it here.
The Reserve Bank's governor Lesetja Kganyago announced on Sunday afternoon that VBS Mutual Bank is to be placed under curatorship.South African news website ENCA Read more »
VBS Bank logo.
See What Everyone is Watching