VBS

Stories

VBS: indictment details “gratifications” driving municipal investments in doomed bank

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.

Stories

VBS indictment lifts lid on Danny Msiza’s money machine

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.

Stories

Update: VBS finance boss Truter strikes deal with NPA

The alleged fraudsters behind the bank's destruction will face insider testimony when they go to trial. Their former colleague will be spilling the beans.

Stories

How VBS bet on saving itself with Prasa money — and lost by the skin of its teeth

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.

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Premiers, ministers, Guptas: the mysterious powers of VBS fixer Danny Msiza

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.

Stories

‘We must bow out with pride,’ says VBS boss Matodzi

Dewald van Rensburg
July 6, 2020

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.

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Next in line: VBS’s municipal bribery network

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.

Stories

Audit reports show how VBS got its claws into municipalities

Tabelo Timse and Sam Sole
June 24, 2020

Two forensic investigations reveal that senior municipal officials bent over backwards to invest in VBS Mutual Bank. They gambled with funds meant for community upliftment – and lost.

Stories

VBS

VBS: indictment details “gratifications” driving municipal investments in doomed bank

VBS indictment lifts lid on Danny Msiza’s money machine

Update: VBS finance boss Truter strikes deal with NPA

How VBS bet on saving itself with Prasa money — and lost by the skin of its teeth

Premiers, ministers, Guptas: the mysterious powers of VBS fixer Danny Msiza

‘We must bow out with pride,’ says VBS boss Matodzi

Next in line: VBS’s municipal bribery network

Audit reports show how VBS got its claws into municipalities

Update: State presents case against VBS accused

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