Hawks should prosecute VBS looters
12 October 2018 CURRENT AFFAIRS
By Breakfast With David Team
Forensic Investigator Advocate Terry Motau who was looking into the looting at VBS Mutual Bank says he hopes the Hawks and NPA will use the report to prosecute those who have been implicated.
An investigation into the Bank found that at least 53 individuals and companies benefited from the looting there – which amounted to R2 billion.
Advocate Motau’s 148-page forensic report which reads like a novel chronicles how politicians and executives looted the bank.
Those implicated in the report include;
- Tshifhiwa Matodzi, the chair of VBS Mutual Bank and Vele Investments, personally benefited to the tune of R325m
- Brian Shivambu who is the brother to EFF’s Floyd Shivhambo received R16.1m from VBS Mutual Bank.
- Andile Ramavhunga, a former chief executive officer of VBS, said he oversaw the payment of R1.5 million to what he called the Dudu Myeni Foundation in order to secure a R1 billion deposit from a state-owned rail agency.
Speaking on Breakfast with David Advocate Motau says there are some individuals who have been granted immunity for confessing to benefiting illegally
At least 53 individuals and companies have been exposed in a report which found that looting took place at the bank – amounting to R2 billion.
Motau says it is now up to authorities to assess the report and act on it
The Reserve Bank placed the mutual VBS under curatorship in March after withdrawals by municipalities led to a cash crunch.
The Bank then appointed a team of forensic investigators led by Werksmans Attorneys and advocate Terry Motau‚ to establish what exactly had precipitated the failure.
Castro Msinyale, a shareholder at VBS bank called in from Thohoyandou. He says he will be pursuing litigation against the bank following massive losses on his businesses
Listeners have also expressed their frustrations on the corruption that has taken place at VBS