Mahikeng demands back the R84 million it invested in #VBSMutualBank

Mahikeng demands back the R84 million it invested in #VBSMutualBank

- Mahikeng municipality wants the massive amount of money it invested in VBS Mutual Bank back

- The municipality launched an urgent bid at a high court to have the bank liquidated

- R69 million of the invested money wasn't the municipality's money to invest in the first place

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The Mahikeng Local Municipality wants the R84 million they invested in the now-defunct VBS Mutual Bank back. And they want it now.

The municipality recently launched an urgent bid at the Limpopo High Court to have the looted bank liquidated.

Between August and December of 2017, the municipality invested this massive amount of money.

The municipality unsuccessfully tried to withdraw the money between November of 2017 and February of 2018.

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Majority of the R84 million that the municipality invested wasn't their money in the first place, according to a report by News24.

R69 million was a duplicate payment from National Treasury for the city's equitable share.

Mooketsi Molamu, Mahikeng municipal manager, filed an affidavit in October in which he laid out the reasons for wanting the bank liquidated.

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This comes after former municipal manager Thabo Mokwena was suspended when it came to light he was involved in the VBS scandal.

Mokwena lied about the amount that was invested, claiming it was only R25 million.

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Source: Briefly.co.za

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