If you were hoping that finally, after yesterday’s arrest of 8 officials in the VBS Bank heist, that the racist motormouths of Malema & bullyboy Shivambu were going to get their comeuppance, due to their close links to the looted 2 Billion Rand, you have not been paying attention. SA is run by a corrupt regime and corruption can only exist where there is no accountability, and where deniability is readily accepted to the extreme. Despite dates and locations on his Twitter trail mirroring his Mahuna bank card withdrawals, over a whole year, Malema STILL denies knowing anything! You can be sure, in his defense, Malema’s motormouth will accelerate way beyond just calling Ramaphosa a “bastard”, supposedly for not bailing him out of this mess…
Continue reading…
“Ramaphosa is The Bastard” – Will VBS Arrests Destroy EFF? ANC & EFF Marxists Indulge in Looted Capitalist Luxuries With No Accountability!
Pay back the money Zuma! – Nkandla in VBS liquidators’ vision – cough up R7m or lose Nkandla
The ANC’s Jacob Zuma is in a big financial crisis with his multi-million Rand loan he received from bankrupt VBS Mutual Bank and now has to pay back the money. Along with that, there are the million Rand court costs to be paid while more court cases are being filed in an effort to be..
Continue reading…
Money Robbed from VBS Mutual Bank: detailed account of how EFF leader Julius Malema’s lifestyle, business prospects and political aspirations were funded
ONE. The lifestyle, business prospects and political aspirations of EFF president Julius Malema were funded from the R16.1-million robbed from VBS Mutual Bank and paid out to Sgameka Projects, the company of the brother of EFF deputy president Floyd Shivambu, Brian. Malema’s share of the loot was R5.3-million and it was dumped into his slush..
Continue reading…
South Africa’s new state-owned bank could be a big R7 billion mistake, National Treasury has warned of the possible harmful effects of introducing a state-owned bank into South Africa’s current financial system
In a presentation to the Standing Committee of Finance on Tuesday (5 February), Treasury warned that a number of recent banking failures – including the failures of African Bank and VBS Mutual Bank – showed that a banking licence should not be handed out lightly. It also warned of previous issues with state-owned banks, highlighting..
Continue reading…
KPMG begs South Africa for a second chance after rocked by corruption
KPMG have begged South Africans to give them a second chance as the firm is left counting the cost of corruption scandals.
Continue reading…
Black banks in SA are struggling for survival – VBS Bank is going down the same path as the failed African Bank
It seems that the black banks are struggling for survival and eventually will sink while many clients and investors will lose money. Four years after the collapse of the African Bank, the bank could only pay R1,1 billion to his creditors while an amount of more than R9 billion was payable. According to the latest..
Continue reading…
Zuma must still pay back the money he lend for his Nkandla homestead to Scandal-ridden VBS Mutual Bank, which was liquidated in November – a R8.5m bond which he could not afford
Former president Jacob Zuma is still required to honour monthly payments for his home loan at VBS Mutual Bank, Netwerk24 reported. The scandal-ridden VBS Mutual Bank, which was liquidated on November 13, granted Zuma an R8.5m bond which he could not afford, and it was at least nine months before any documents were signed to..
Continue reading…
The Democratic Alliance are set to file criminal charges against Juju and Floyd Shivambu
The Democratic Alliance have announced their intent to lay criminal charges against Economic Freedom Fighters President Julius Malema.
Continue reading…
Bank on the brink of repossessing Brian Shivambu’s car just one week after the country learned that he creamed R16m from the embattled VBS Mutual Bank
Merely a week after being exposed for have creamed R16m from the embattled VBS Mutual Bank, the company of EFF Deputy President, Floyd Shivambu’s younger brother, Brian Answer Shivambu, is on the brink of losing a Toyota Corolla due to bad payment. The 30-year-old businessman and his company, Mabyeni Trading and Projects, were this week..
Continue reading…
DA is very ‘confident in finding success’ in challenging Malusi Gigaba and Bathabile Dlamini reappointments
The Democratic Alliance (DA) says it is confident it will succeed in legal challenge of President Cyril Ramaphosa’s reappointment of Home Affairs Minister Malusi Gigaba and Minister in the Presidency Bathabile Dlamini.
Continue reading…
VBS Mutual Bank fires workers – staff members are now being penalized for actions that was made by the bank’s corrupt management and directors
VBS Mutual Bank has fired 94 employees, leaving the bankrupt bank with 26 staff members. Nearly R2 billion has been deceptively paid to individuals and institutions, especially officials from municipalities who have insured that funds are invested at the bank. Branches are closed and only Thohoyando and Makhodo branches will operate. The dismissed workers are..
Continue reading…
Facts to know on what is the “Great VBS Bank Heist” all about?
Advocate Terry Motau has released his report into what might be the biggest banking scandal ever to be uncovered in South Africa.
Continue reading…
VBS chair, Tshifhiwa Matodzi, family trust implicated in bank’s looting
The family trust of former VBS Mutual Bank chairperson Tshifhiwa Matodzi was allegedly paid nearly R5-million from Vele Investments’ heist of money from VBS Mutual Bank.
Continue reading…
ANC bash caught up in VBS Mutual Bank’s web
The ANC may be entangled in alleged fraudulent transactions involving embattled VBS Mutual Bank. These details have emerged from the ongoing investigation into the bank’s collapse, contained in civil claims launched by VBS curator Anoosh Rooplal against VBS shareholder Vele Investments and former bank officials.
Continue reading…
Former execs slapped the firm KPMG for R30m
Two former KPMG directors who left because of the scandal involving the audit firm and VBS Mutual Bank have slapped the firm with multimillion-rand law suits for defamation and discrimination. But by doing so it has emerged that they were indebted to the embattled VBS — including for an almost R8‑million home loan.
Continue reading…