Africa Links 24 with Dewald van Rensburg and Tebogo Tshwane for amaBhungane
Published on 2024-07-16 21:24:20
In August 2017, VBS Mutual Bank was dealt a blow that would, a few months down the line, prove to be fatal.
The bank had run on illegal multimillion-rand deposits from municipalities, with increasing sums of this money being diverted to the pockets of a wide variety of characters. These included the bank’s management, municipal employees, “commission agents” liaising with the municipalities and political power brokers.
As with any Ponzi scheme, municipal depositors could only be…
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