SARB releases report on VBS Mutual Bank


The South African Reserve Bank has published a final investigation report into the fraud at VBS Mutual Bank and recommended more than 50 people be criminally charged. The report titled "VBS Mutual Bank - The Great Bank Heist", was released today and makes a number of explosive findings, including: how perpetrators of the heist made away with almost R2 billion. The report also highlights how Tshifhiwa Matodzi, the chair of VBS Mutual Bank and Vele Investments, personally benefited to the tune of R325 million. He is also identified as the kingpin of the so called heist.

For more news, visit:

Topics:  Society