Stuart Theobald, executive chairman at Intellidex, says the scale of the VBS Mutual Bank conspiracy and the brazenness in which key figures figures behaved and the apparent believe belief that they imagined they could get away with stealing an entire bank without consequences is astounding.
He talks to Classic Business Breakfast with Moneyweb about the report findings and what should happen next.
COMMENTS 10
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I don’t understand why people are surprised that the EFF shared in the looting of VBS. The EFF merely executed their stated policy of expropriation without compensation! They are executing the mandate they received from their ignorant supporters. Individuals and institutions that have funds to invest in a bank account are capitalists right? They expropriated the assets of the capitalists class they hate so much.
Never mind the fact that these funds were the life savings of poor black people. The EFF promises to steal from white people, but in the mean time they steal from black people.
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Funny that “On one occasion the acting CFO of the Capricorn District municipality, Mariette Venter, had resisted depositing money at VBS and demanded that the funds be returned, since municipalities were not allowed to deposit money in mutual banks in terms of the Municipal Finance Management Act.
But she was accused of just being a “white lady” who had an issue of banking with a black bank. The report said she stood firm, and the municipality stopped making any new deposits at the bank, and it ended up as one of a few municipalities in Limpopo not in “serious financial difficulty” after VBS was placed under curatorship”.
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In the smallish town where I grew up, it was common knowledge that to pass your driver’s licence test you need only give the chief of the fire department a bottle of brandy.
The first recipient of the bribe is almost always the conduit for the actual beneficiary.
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VBS is just a microcosm of the ruling party. Same thing, just differs in size.
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if all this “capture” of state, banks and steinhofs do not kick start the construction industry with the new prisons that would need to house all these Armani-scum, CR again let a golden opportunity gone by.
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agree…now lets wait for response
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Thabs Mbeki was always terrified that it would be shown blacks cant run anything. One wonders what he would think now, with the destruction of black-owned VBS by ANC and EFF linked comrades, as well as the wholesale destruction of the South African state by the ANC gutterment??
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Yet another case where BEE policy has gone wrong! The only way this country will survive is to rid itself of BEE thinking – it is racist and counter productiveness leads to mismanagement and fraud ( in the worst case scenario)
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When will we learn. Applying European standards to Africa will get us nowhere.
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So what standards should be applied then?
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