Charges against three municipal officials arrested this week shed new light on how top VBS figures procured investments from two Gauteng municipalities in exchange for home loans, cars – and a year-end party.
A 206-page indictment of suspects in the VBS Mutual Bank case has blown the lid off the patronage system beneath the scheme that destroyed the bank as well as the alleged shameless bribery that went with it.
In an extract from his new book, VBS: A Dream Defrauded, amaB investigator Dewald van Rensburg reveals how executives pulled out the stops to save their foundering bank with a R1-billion deposit from the passenger rail agency — a state-owned entity, if any, that could ill afford it.
The ANC’s Limpopo treasurer was by all appearances VBS Mutual Bank’s chief political fixer at the bottom rung of government, the municipalities. Evidence however suggests that he also connected the VBS fraudsters to the highest echelons of the ruling party and may even have introduced the criminal bank to the Gupta crime family.
In an exclusive interview, the man charged with orchestrating the pillage that led to VBS Mutual Bank’s ruin, claimed he is the victim of powerful political forces that conspired to destroy South Africa’s only black-owned bank and pin fictitious crimes on him.
A second wave of arrests is widely expected, this time targeting some of the municipal officials who deposited billions in VBS Mutual Bank, allegedly often in exchange for bribes. After that, the road appears headed to political bosses.
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