VBS Mutual Bank claims more victims

An insurance group fighting liquidation and conflicting claims made in court papers are just some of the latest revelations

Startling and conflicting claims about dodgy deals and disappearing millions have now been made in court papers, with even the ownership of Bophelo seemingly being contested. She also suggests that Bophelo was prejudiced by unnamed “void and impeachable transactions”, but adds that only liquidators would have the power to investigate malfeasance.

But last week, Lebashe did an about-turn again and told City Press that “following a due diligence exercise and lengthy negotiations, Lebashe was not agreeable with the terms and opted to walk away from the transaction”. The structure of the loan was that Lebashe gave money to BIG – and BIG, in turn, lent the money to its subsidiaries.

Bophelo is one of a handful of companies in which the PIC itself has a share, as opposed to it investing other funds – such as government pensions – in companies, meaning pensioners are not affected.

Oksalayo 🤯

Well done EFFSouthAfrica, destroying the lives of ‘your people’ even before you might get into power! 🙄😏🤔🤨🤷🏻‍♂️

Just anothe r over spill of corruption and still nothing is done.Steal bread because you hungry you arrested immediately.

Still we have some peanut brains voting anc and eff. As jy nie wil hoor nie moet jy voel.

Thanks you anc and eff... consequences!

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In Business: AngloGold’s mining rights under threat, battle to stop copyright bill, VBS claims more victimsIn City_Press Business today: AngloGold Ashanti threatened with loss of its local mining rights by department of mineral resources; VBS Mutual Bank claims another victim as an insurance group destroyed by its exposure to the bank is going into liquidation CORRECTION:My Complaint to the PUBLIC PROTECTOR is NOT against AGA but against the DMR for having what I would call a CORRUPT RELATIONSHIP with AGA by failing to DIRECT AGA to COMPLY with the CONDITIONS of its MINING RIGHTS by DIRECTING AGA to PAYBACK over R500m to MINEWORKERS.
Source: City_Press - 🏆 7. / 72 Read more »