Mutual Bank under scrutiny for corruption.
One of the DoDgIest Deals undertaken by the corrupt VBS Mutual Bank was intro-duced by an ANC front com-pany keen on taking a finder’s fee plus 10% in shares, in what was meant to be a R250-million deal.
VBS signed up to buy a 26% share in Insure Group Managers (IGM or Insure, for short) in December 2016 for R250m. IGM is an independent financial services company, providing premium handling services including debit-order collections, deposits and premium disbursements on behalf of insurers and brokers.
The Reserve Bank commissioned an investigation by advocate Terry Motau and Werksmans Attorneys. Their report, “The Great Bank Heist”, which was published in October found that the deal was a sham.
On paper, VBS acquired the Insure stake through its main shareholder company, Vele Investments, which was also controlled by the bank’s chairman Tshifhiwa Matodzi. But how the deal was concluded was anything but legitimate and the signs were all there that something was seriously amiss. The involvement of a secretive “ANC cabal” in the deal had dire real-life consequences: companies were forced to sell assets to cover losses, followed by suspensions, retrenchments and business rescue.
Yet when the Party men involved were contacted by Noseweek, they claimed they had “no idea” that the bank – and their deal – had been riddled with fraud. But one look at the documents in Noseweek’s possession shows that that is most unlikely. All the signs were there that VBS was acting as a rogue bank, but the promise of big commissions and easy money clearly proved irresistible.
هذه القصة مأخوذة من طبعة December 2018 من Noseweek.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة December 2018 من Noseweek.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Lennie The Liquidator Faces R500,000 Defamation Suit
After losing his cool when his fees were questioned
Panel Beater De Luxe
Danmar Autobody and its erstwhile directors get a serious panel beating in court papers. Corruption and theft are said to have destroyed the firm chaired by Nelson Mandela’s eldest daughter, leaving 200 workers destitute and threatening to kill.
Meet Covid Diarist Ronald Wohlman
Ronald Wohlman – EX SOUTH African copywriter, author, and actor – never dreamt that his lockdown diaries, written on Facebook and followed by people all over the world – would become his “life’s work”.
A Picture Of Peace?
Beware: Appearances can be deceptive
Flogging A (Battery-Driven) Dead Horse
Why plug-in vehicles are not all they’re cracked up to be– and, likely, never will be
Everybody Drinks Corona
I am hesitant to go Into the pub today. Not because it’s illegal, but there is a crème colored 1985 Mercedes 300D parked behind the pine tree. This means the devil is inside; that’s what we call Dr. De Villiers. You don’t know whether you will encounter the good doctor with the charming bedside manner or the violent, bipolar bully. The problem is, most of the time, you can never be sure which it is, so it’s best to always keep a social distance.
Never Take A Hypochondriac To A Pandemic
From Ronald Wohlman’s New York Corona Diary
The money train
Transnet in court battle with liquidators of Gupta-linked audit firm over R57m in ‘corrupt’ payments and invoices
‘He's no pharmaceutical genius, he's a vulture'
Pharma con seeks prison release to ‘help find Covid cure’
Bush school – A memoir
OUR SCHOOL WAS IN THE MIDDLE of the bush, ten miles from the nearest town in the harsh beauty of the Zimbabwean highveld. It started life in World War II as No 26 EFTS Guinea Fowl, a Royal Air Force elementary flying training school and I arrived there in 1954, just seven years after it became an all-white co-ed state boarding school.
