Who owns VBS?
The South African Public Investment Corporation inherited its shares in VBS bank when it succeeded the pension fund of the Venda bantustan government thereby giving it a 25% ownership stake in the bank.
What happened to VBS Mutual Bank?
The unionists were outspoken against the decision by the Vhembe District Municipality to invest more than R300-million of public funds in the VBS Mutual Bank. The municipality has since lost the money after more than R2-billion was stolen from the bank, leading to its collapse in 2018.
Who started VBS bank?
the Venda Homeland Government
In this article, we look at the lead up to how South African citizens were defrauded out of around 2 billion rand. This includes a capture of the case’s current status and insight on the fraud examination process. In 1982, the Venda Building Society (VBS) bank was established by the Venda Homeland Government.
What is VBS bank scandal?
Seven men accused of stealing R2. 2 billion from VBS Mutual Bank, in one of the country’s most widely publicised looting scandals, have each been granted R100 000 bail.
Who is Robert madzonga?
Former COO of VBS and CEO of Vele Investments Robert Madzonga (53) is an admitted attorney with over 23 years’ experience in corporate and financial business. Madzonga has had a terrible 2021 so far.
Who looted VBS bank?
Pretoria – The 14 people accused of looting VBS Mutual Bank will finally face more than 100 charges for their alleged roles in the heist, on October 12, in court. The accused include Limpopo ANC treasurer Danny Msiza. They appeared briefly before the Gauteng High Court, Pretoria on Monday.
What crime did VBS commit?
Members of the enterprise gained overall control of the financial systems of VBS. The primary purpose of the enterprise was to enrich the members and associates through the theft of money from the general pool of funds in VBS. “The theft of the money was covered up through various acts of fraud and money laundering.
Who is VBS?
Vacation Bible School (VBS) is a ministry outreach churches provide to educate children about God. Each church runs its own Vacation Bible School program but may use a purchased religious curriculum in its teachings.
What is the difference between a mutual bank and a commercial bank?
Mutual banks have a different corporate structure than commercial banks. They do not have shareholders, but rather are owned mutually by their depositors. They cannot be bought and answer only to their customers.
What impact did VBS have on the Organisation as a whole?
Its collapse, after the High Court ordered it be liquidated, became one of the most serious corruption scandals to rock post-apartheid South Africa – largely because so many victims were poor, black and female.