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NUMBER OF THE DAY: R1.89 billion

748 views · Published 10 October 2018 · 2:08 · Indexed 2 October 2026

Channel: SABC News · 2018 · News & Politics

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Our number of the day is R1.89 billion. That's nearly R2 billion.
And it's the amount that was looted from the VBS Mutual Bank.
An advocate investigating the matter has called it the Great Heist. 
Terry Motau has also recommended that more than 50 people be criminally charged. Essentially VBS made money by receiving deposits from municipalities and even the Passenger Rail Agency, PRASA. But to secure these deposits money was paid in the form of bribes to officials. Some of those close to the bank also received payments above and beyond their salaries which were never repaid. 
The report also highlights how Tshifhiwa Matodzi - the chair of VBS Mutual Bank and his company Vele Investments - benefitted to the tune of more than R300 million. He has been identified as the kingpin of the heist. On the list of people who received payments is also Brian Shivambhu. The effect of this all was that money was stolen when it had been entrusted by depositors to the bank. 
And VBS was declared insolvent leaving many municipalities in the lurch. They were not even meant to be deposited into Mutual Banks by law. But the great heist could continue to affect service delivery in South Africa.

For more news, visit: sabcnews.com

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