Breaking News
0

SA Civic organisation commends VBS fraud exposure and calls for expansion of probe

EconomyJul 09, 2018 16:01
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. SA Civic organisation commends VBS fraud exposure and calls for expansion of probe

CAPE TOWN, July 9 (ANA)
The South African National Civic Organisation (Sanco) on Monday commended VBS Mutual Bank curator Anoosh Rooplal for exposing "massive fraud" allegedly committed by directors of the institution, as well as its majority owner Vele Investments.

VBS Bank has come under inspection after it was revealed that the bank was allegedly looted of more than R1.5 billion by its own management.

The civic group applauded Rooplal for lodging an application to liquidate Vele and the steps being taken to sequestrate the bank's executives.

"Law enforcement agencies must expand the probe to investigate whether former North West Premier Supra Mahumapelo, officials in his administration, as well as municipalities in the province and across the country which had invested in VBS received bribes," said Sanco spokesperson Jabu Mahlangu.

Mahlangu said that recouping monies siphoned from the bank will safeguard the interests of investors.

"The R1,5 billion that was allegedly withdrawn through fraudulent transactions by VBS directors must be recovered with interest and those implicated be held accountable," he said

He called for criminal charges to be instituted against the VBS executive, politicians and senior officials from the Public Investment Corporation (PIC), Passenger Rail Agency of SA (Prasa) and everyone implicated in the alleged fraud.

Mahlangu urged the South African Institute Chartered Accountants (SAICA) to investigate the KPMG auditor who signed off VBS's books last year despite the massive fraud.

, Editing by Lindiz van Zilla

SA Civic organisation commends VBS fraud exposure and calls for expansion of probe
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email