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VBS Mutual Bank—lauded as the first bank in South Africa to be totally owned and managed by Africans — has collapsed after its owners stole all the cash and bribed government and local government officials into depositing money in the operation, an official inquiry set up by the South African Reserve Bank (SARB) has found.

According to the official report issued by the SARB, titled “The Great Bank Heist: Investigator’s Report to the Prudential Society,” the African owners at the VBS Mutual Bank “made away with almost R2 billion” in what it described as “a single criminal enterprise.”

VBS Mutual Bank became a mutual bank in 1992, and was listed on the South African Stock Exchange in 2017. It ran into what media called “liquidity problems” early in 2018, and was placed under curatorship in March this year.

The SARB report found that R1,894,923,674 (US$ 130 million) was transferred from the Bank to fifty three individuals between 15 March 2015 and 17 June 2018. According to the report, R16,148,569 (US$1.09 million) went to Brian Shivambu, younger brother of the anti-white Economic Freedom Fighter senior politician Floyd Shivambu.

Other cash went to local government officials in at least 15 regions as payments for switching banking facilities to the African-owned bank. Among those implicated are the African National Congress’s deputy chairman for the northern Limpopo province, Florence Radzilani, and that organization’s regional treasurer, Danny Msiza.

A report in South Africa’s News24 service said that the report “has recommended that more than 50 individuals be criminally charged and held liable in civil proceedings, following the bank’s implosion earlier this year.

“This includes the bank’s former executives and their associates, shareholder executives, politicians and their relatives and auditors who signed off on the bank’s fraudulent financials.

“The criminal charges should stem from evidence of fraud, corruption and bribery perpetrated by the bank’s leadership and public officials with whom they were in cahoots.”

 

Between 2015 and early 2018, bank chairman Tshifhiwa Matodzi, together with his co-directors and ally Robert Madzonga, facilitated the looting, the report continued.

“Substantial bribes were paid to VBS’ directors and “other related parties in order to buy their silence and to look the other way while the looting was going on,” the report added.

Large deposits from dozens of municipalities, as “investments” with VBS, were the result of a concerted and deliberate campaign undertaken by VBS execs and involved, in many instances, the payment of bribes to various public officials who were “in a position to influence the making of such deposits.”

In addition, individuals at VBS manipulated its banking systems to create fictitious deposits in favor of its majority shareholder Vele Investments, its numerous associates and related parties as well as obliterating overdrawn banking facilities enjoyed by Vele and its associates totaling hundreds of millions of rand.

“The captors and their associates went on a massive spending spree at the expense of VBS’ depositors,” the report said.

In addition, the report found that the “engagement partner of [major international auditing firm] KPMG, VBS’ auditor Sipho Malaba, had committed fraud in signing off on the banks 2017 financial statements and on its regulatory reports to SARB.”

“By fraudulent means, the looting of VBS was hidden from view and was allowed to continue and indeed, escalate… These frauds misled the Registrar [of Banks] into believing that VBS was financially sound position whereas in truth its liabilities exceeded its assets by about R180-million and it was thus, hopelessly insolvent as at 31 March 2017.”

The SARB report also recommended that VBS be liquidated, as there is no prospect of saving it.

“It is corrupt and rotten to the core. Indeed, there is hardly a person in its employ in any position of authority who is not, in some way or the other, complicit” in the “wide scale looting and pillaging of the monies placed on deposit at VBS.”

 

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  • Comment held for moderation.
    Molaki · 08:09 11/09/2018
    Really? And this is a surprise because? Larceny is in their DNA.
  • Comment held for moderation.
    jo · 07:59 11/09/2018
    Some white person set it all up.....No black is clever enough for such a giant scam.
  • Comment held for moderation.
    Occams Razor · 23:39 11/08/2018
    Give a man a Gun, and he can Rob a Bank. Give a man a Bank, and he can Rob the world. Those bankers weren't the original architects of a heist like this, sadly this type of fraud started elsewhere by people that should have known better. And bailed out by people who should have know better.
  • Comment held for moderation.
    Jansen · 21:02 11/08/2018
    If you are white (Boer or otherwise) and you are STILL in South Africa, you are going to die. Get out NOW!!!

    If you have land, appoint a caretaker, give him fake papers to show he owns it to the authorities, and make a deal that when you're back in 10 years, you will give him some land off of your property.

    Then come to Perth, Australia! MANY BOERS LIVE HERE! Weather is perfect, decent surf, lots of jobs, good gov't benefits. Just come now! Don't wait!
    • Comment held for moderation.
      jo · 07:57 11/09/2018
      Yes its better that all the Whites go to Australia.....Then....We have most of the racist white scum located in that dust bowl.
      • Comment held for moderation.
        Texan · 19:30 11/14/2018
        And all the blacks need to move back to Africa so all the low IQ criminals can be concentrated on one continent.
  • Comment held for moderation.
    MR. TRUTH! · 20:19 11/08/2018
    The Suspooks fled the scene of the Crime by swinging from tree to tree
  • Comment held for moderation.
    Bankers=Thieves · 19:06 11/08/2018
    ALL bankers are thieves.
  • Comment held for moderation.
    Grim · 18:57 11/08/2018
    Don't worry, I'm sure some white person is currently being setup to take the blame for this entire debacle.
  • Comment held for moderation.
    Br.Michael · 18:43 11/08/2018
    Are we surprised.
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