Posts tagged with 'VBS Mutual Bank'

 

Natasha Mazzone Doen Beroep op SAPD om die Ondersoek na Malema en Shivambu te Bespoedig oor Beweerde VBS-plundering

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Natasha Mazzone, DA-LP, het ‘n beroep op die ANC se SA Polisiediens gedoen om hul ondersoek na klagtes wat die party teen Julius Malema, leier van die EFF, en sy adjunk, Floyd Shivambu, aanhangig gemaak het, te bespoedig.

Dit volg nadat Shivambu se broer, Brian, ‘n skulderkenning van R4,55 miljoen met VBS Mutual Bank-gekoppelde Vele Investments onderteken het; terwyl hy erken het dat daar “geen onderliggende basis vir die betaling” was nie. Brian se prokureurs het aangedring op ‘n vertroulikheidsklousule tydens die ondertekening van die erkenning.

Luister Hier:

[embed]https://saukradio.com/wp-content/uploads/2021/06/11-June-VBS.mp3[/embed]

 

Malema, Shivambu en Brian is almal betrokke by die ineenstorting van VBS Mutual Bank en die plundering van fondse wat dateer uit 2018. Sunday Times het ook berig dat Malema glo persoonlik voordeel getrek het uit VBS-fondse en maatskappye wat met die Limpopo-regeri
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“Ramaphosa is The Bastard” – Will VBS Arrests Destroy EFF? ANC & EFF Marxists Indulge in Looted Capitalist Luxuries With No Accountability!

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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…

When hundreds of desperate people queued in panic for days in June 2018, at the HQ of VBS Mutual Bank in Thohoyandou, Limpopo, hoping to withdraw their life’s savings from the failing bank, the “people’s hero” Julius Malema w
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Pay back the money Zuma! – Nkandla in VBS liquidators’ vision – cough up R7m or lose Nkandla

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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 cleared of the debt.

The amount of more than R7 million borrowed from VBS can be claimed any day, and then Nkandla can be compromised.

Although the Nkandla complex was but controversially erected with the largest share of the cost financed from the state coffers, it is doubted how much the real value of the property is being erected in a strange rural area.

Meanwhile, it has been reported that Zuma is also still a full year in arrears with the payment of his loan.

According to News24, VBS Mutual Bank’s liquidator, Anoosh Rooplal, has filed an application with the Pietermaritzburg High Court for an order that will force Zuma to pay, or an order that the property may be confis
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Money Robbed from VBS Mutual Bank: detailed account of how EFF leader Julius Malema’s lifestyle, business prospects and political aspirations were funded

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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 fund, Mahuna Investments. Malema spent the VBS money on clothing from Gucci and Louis Vuitton, groceries from Checkers and Woolworths, the Polokwane party venue Mekete Lodge, the house he once rented in Sandown, Johannesburg, as well as on accommodation and travel costs between EFF events. The name of his eldest son appears in the bank statements relating to school fees, and a trust named after his second son also received a small amount of VBS money. And yes, a big chunk of VBS money was used for the benefit of the EFF. Over 40% of the transactions Scorpio analysed further show the bank card followed Malema around the country
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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

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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 that the South African Post Office used depositors’ funds to finance postal operational losses in the late 1990s.

“International experience and South Africa’s own experience suggests that state ownership of banks has (the) potential to undermine prompt corrective action by prudential regulators,” it said.

“Prudential regulators sometimes forebear (i.e. they do not apply full regulatory measures) when faced with failing state banks due to the reluctance to frustrate what could be viewed as government policy or programs.”

Treasury added that the traditional rationale for introducing a state bank
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Black banks in SA are struggling for survival – VBS Bank is going down the same path as the failed African Bank

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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 financial report, it appears that the “bad bank” is not able to properly pay the investors and creditors.

VBS Mutual Bank was recently liquidated due to large-scale irregularities, and resulted in major losses in municipalities that invested money in the bank.

Read the original article in Afrikaans on Die Vryburger
This report does not necessarily reflects the opinion of SA-news.

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