$130m fraud causes South African bank’s collapse – Punch Newspapers


A bank in South Africa collapsed after scores of people and companies looted 1.9 billion rand ($130 million) over three years, an investigation revealed Wednesday, in one of the country’s latest corruption scandals.

VBS Mutual, which collapsed in March, granted then president Jacob Zuma a 7.8 million rand loan for him to repay taxpayers for security upgrades to his private Nkandla homestead in 2016.

The investigation, commissioned by the central bank, released its damning report titled “The Great Bank Heist”.

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It detailed the graft that sank VBS and named the executives allegedly responsible, including former CEO Andile Ramavhunga, who denies any wrongdoing.

“Many of those implicated in the looting of VBS are chartered accountants and…

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