R2.7 Billion looted from VBS Mutual Bank: Not one soul prosecuted

R2.7 Billion looted from VBS Mutual Bank: Not one soul prosecuted

- The amount looted from VBS Mutual Bank has risen to around R800 million more than originally thought

- Liquidator Anoosh Rooplal revealed approximately R2.7 billion was looted from the now-defunct bank

- Despite this, no move has been made to prosecute five sequestrated officials who willingly stole the funds from the poor

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Liquidator Anoosh Rooplal has put forward a new estimate for the amount looted from VBS Mutual Bank.

The Citizen reports that R2.7 billion had been stolen from the mostly poor customers in Limpopo, R800 million more than originally noted in a SA Reserve Bank report.

The report, penned by Advocate Terry Motau, originally estimated that R1.89 billion had been looted by 53 alleged beneficiaries with the bank's management gaining the most from the heist.

Former VBS employees, including chair Tshifiwa Matodzi, CEO Andile Ramavhuna, CFO Philip Truter, head of treasury Phophi Mukhodobwane and group executive Robert Madzonga, have been sequestrated, but not charged.

READ ALSO: Jacob Zuma facing VBS court saga: Infamous Nkandla home on the line

The Daily Maverick reported that the Hawks and National Prosecuting Authority have both failed to prosecute the alleged looters, over a year later.

The government officials who allegedly illegally invested state funds in the bank have seen little recourse either still enjoying employment or receiving 'golden handshakes' worth millions.

The parliamentary portfolio committee recently heard how officials in the implicated municipalities had handed tenders to friends and relatives, even doing business with the state themselves.

Briefly.co.za reported that high-profile politicians were also implicated in the looting, including Economic Freedom Fighter leaders Julius Malema and Floyd Shivambu.

While involvement is denied by the politicians fingered in subsequent reports the bank had been placed under the care of Rooplal.

Brian Shivambu and Jacob Zuma himself have all faced legal action to recover funds paid out by the bank, but never honoured when it came to repayment.

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Source: Briefly.co.za

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