What VBS says about SA's struggling local government sector

businesslive.co.za

- businesslive.co.za | 2 months ago

It is a year since the stark details emerged of the "great bank heist" at VBS Mutual Bank, which wiped out almost R2bn in savings and precipitated a liquidity crisis at the institution.

The brazen looting was first laid bare in a report by advocate Terry Motau and Werksmans Attorneys. It followed a forensic investigation conducted on behalf of the Prudential Authority after the bank was placed under curatorship in March 2018.

The initial reaction to Motau’s report was shock — it implicated everyone from auditors to bank officials and municipal authorities.

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