VBS looting

March 11, 2018

VBS Bank goes bust

Just 18 months after shooting to prominence, VBS Mutual Bank faces the possibility of a spectacular crash, following Treasury’s instruction to municipalities to stop investing with the institution.
April 1, 2018

VBS bank’s alleged suitors ‘not what they say’

A group claiming it has billions of rands 'pledged and committed' to invest in VBS Mutual Bank is run by two men with a series of bank defaults and allegedly inflated CVs.
April 29, 2018

VBS loans bonanza

By 2017, VBS had lent about R14 million to its own staff and indirect shareholders, up from R800 000 in 2015.
May 13, 2018

VBS saga could sink 15 councils

Municipalities are unlikely to recover millions in operating revenue from the doomed bank.
June 24, 2018

How VBS was plundered

Bank statements show how a king and some of the bank’s former executives allegedly looted millions to pay for luxury cars, home loans and clothing.
July 8, 2018

VBS ‘paid bribes to PIC, Prasa officials’

The 'epic' scale of the alleged fraud perpetrated at VBS Mutual Bank is detailed in an explosive new affidavit by VBS curator Anoosh Rooplal, including the wanton creation of millions in fake deposits and bribes paid to politicians and 'senior officials' of the Public Investment Corporation (PIC) and the Passenger Rail Agency of SA (Prasa) to get them to deposit public money in the bank.
July 15, 2018

How PIC men got paid

From ‘loans’ and mortgages to ‘salaries’ and a shelf company – VBS board reps from Africa’s largest asset manager scored big.
July 22, 2018

VBS CEO says: I knew, heard nothing

Andile Ramavhunga claims ignorance of the fraudulently extracted R1.5 billion, though he does not deny it happened.
June 24, 2018

How VBS was plundered

July 15, 2018

How PIC men got paid

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May 19 2019