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Mail & Guardian
vbs banklatest news & developments

The vicious cycle of NSFAS: A journey through corruption and hope

The real tragedy lies in the suffering of the students

Economic Freedom Fighters deputy president Floyd Shivambu. (Delwyn Verasamy/M&G)

Parliament’s findings against Shivambu prove nothing, says EFF 

The Economic Freedom Fighters deputy president failed to declare money transferred to him from a company owned by his brother, known as a VBS Mutual Bank beneficiary

File photo by
Waldo Swiegers/Bloomberg via Getty Images

ANC committee clears Maneli & Mogale-Letsie in VBS scandal

The ANC dispute committee called the Gauteng PEC’s step-aside ruling against two former mayors linked to the VBS bank ‘harsh’ and ‘extreme’

KPMG may have to repay VBS because of its alleged fraudulent audits if the defunct bank’s liquidators have their way. (Alon Skuy/The Times/Gallo Images)

In a bizarre twist VBS liquidators sue KPMG for R863mn

In filed court documents, the VBS liquidators are blaming auditing firm KPMG’s negligence for the alleged looting of the bank

(Mail & Guardian)

Editorial: The ANC lacks consequence management

President Cyril Ramaphosa’s Nasrec promises about accountability need to be effected by the ANC, but the party seems incapable of self-policing

Doth protest too much: Floyd Shivambu denies benefiting from VBS Mutual Bank looting and that he sold his ‘old’ BMW to his brother Brian, the amout of which equalled the shortfall for his new Range Rover

The case against Floyd Shivambu

The flow of money from VBS Bank would seem to suggest that the EFF’s second-in-command was an ultimate beneficiary of proceeds of a crime

Municipal workers protest. (Photo by Gallo Images / Beeld / Cornel Van Heerden)

Workers’ R60m ‘lost’ in banks scam

An asset manager, VBS Mutual Bank and a Namibian bank have put the retirement funds of 26 000 municipal workers in South Africa at risk

Victims of the VBS Mutual Bank (VBS) scandal who lost their life savings say it is ironic that Economic Freedom Fighters (EFF) members are demanding the return of “stolen” land while failing to pay back the money they allegedly received unlawfully from the bank.

VBS and Steinhoff investigations at “advanced stage” — NPA and SIU

Crime-fighting bodies update MPs on why high-profile investigations into VBS Mutual Bank and Steinhoff have not yielded results

Court order: Brian Shivambu’s company escaped liquidation when he settled its debts with the VBS Mutual Bank liquidator, but he still has to pay the legal costs.

Shivambu hit with VBS legal bill

Brian paid back the money before liquidator could attain records to company dealings. He incurred costs, however

Jacob Zuma’s uMkhonto weSizwe party has appointed the Economic Freedom Fighters former deputy leader, Floyd Shivambu, as its national organiser. (Madelene Cronje)

VBS bounty buys Floyd a Rover

The EFF leader admits he bought the vehicle but denies there was a link to the now defunct bank

This week, municipalities from the North West and Limpopo provinces were hauled before Parliament’s financial watchdog to explain their disastrous financial positions. (David Harrison/M&G)

Hawk eyes for municipal crimes

A report by the auditor general said most municipalities, which are supposed to be on the front line of service delivery, were in financial difficulty

Follow the money: VBS liquidator Anoosh Rooplal has applied for the court to grant him an order allowing him to attach Jacob Zuma’s Nkandla homestead. (Madelene Cronjé)

Millions lost and now more VBS liquidations

The bank’s liquidator has gone after two more people who allegedly profited, as well as former president Jacob Zuma

The delinquency clause seeks to raise standards of good behaviour expected of directors.

Why South African law on directors’ delinquency is open to abuse

For the first time in SA company law, courts can declare directors delinquent. This new remedy must not be abused by those with the power to use it

EFF deputy CIC’s younger brother, Brian Shivambu. (Facebook)

Brian Shivambu ordered to pay R1.8m for unpaid VBS loan

The order is in relation to an application by the liquidator of the VBS Bank, as part of a R4-million loan granted to the younger Shivambu’s company

Former PIC chief executive Dan Matjila testifying at the PIC commission of inquiry. He is alleged to have authorised a contract finance loan that did not have the required paperwork. (Delwyn Verasamy/M&G)

VBS’s fuel scheme lost PIC millions

Forensic investigation discovers anomalies in withdrawals, but top executives approved them

Former PIC chief executive Dan Matjila. (Delwyn Verasamy/M&G)

Matjila & Co must face the music

The PIC’s former boss and two executives who allegedly took ‘gifts’ from the bank to look the other way

On Tuesday former PIC chief executive, Dan Matjila continued to deny the alleged “reign of terror” at the company during his tenure at its helm. (David Harrison/M&G)

I did not receive a loan from VBS — Matjila

The former PIC CEO denies allegations made by UDM leader Bantu Holomisa

KPMG may have to repay VBS because of its alleged fraudulent audits if the defunct bank’s liquidators have their way. (Alon Skuy/The Times/Gallo Images)

VBS Mutual liquidators target KPMG

Liquidators are investigating the auditing firm’s sign-off on financial statements, while two former executives also pursue a lawsuit against it

EFF deputy CIC’s younger brother, Brian Shivambu. (Facebook)

VBS curator in court to recover Shivambu loan

Brian Shivambu has not serviced the loan and is in arrears of more than R2.7-million

The party has denied the allegations made by Thembinkosi Rawula. (Screenshot via YouTube)

Rawula resigns, calls on EFF to produce financials

The former head of the party’s disciplinary commission, accused EFF leaders of financial mismanagement and accepting a donation from VBS Bank