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Kuben Naidoo sets record straight on PIC role in VBS collapse

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Testimony at the inquiry on Monday by current and former PIC executives described how two clauses in relation to the revolving credit facility appeared mysteriously in the loan document

Deputy governor of the Reserve Bank, Kuben Naidoo, ahead of giving evidence during the judicial commission of inquiry into the Public Investment Corporation on April 02 2019 in Pretoria, South Africa. Picture: GALLO IMAGES/PHILL MAKAGOE

A damning report by investigators appointed by the Reserve Bank released in October detailed looting at VBS bank of nearly R2bn, and identified the role of political players from the ANC and the EFF. The bank is now undergoing a liquidation process. As part of its shareholding, the PIC appointed its head of risk, Paul Magula, and its head of legal, Ernest Nesane, to the board of VBS Mutual Bank.

In relation to Magula, this included how he used two front companies to receive “gratuitous payments” of R7.6m “to buy his silence”. The report further described how Magula, after initially putting up strenuous denials, eventually confessed that he had received unlawful payments.

 

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Bhut_Tshutsha Uyafana no Shaun Bartlett yhaaz

Does this guy know ba yintoni iKuben😆

When he said that the Hawks are investigating I lost hope immediately

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How mystery changes to a R350m VBS loan cost the PIC millionsFin24 The GEPF is now boasting to its members about a measly 5% increase it has just granted despite the difficult financial environment, completely avoiding all mention of how these VBS financial transgressions have negatively impacted on its ability to grant higher increases! cursed Afrika.
Source: News24 - 🏆 4. / 80 Read more »

How mystery changes to a R350m VBS loan cost the PIC millionsThree changes, which were not approved, were made at the 11th hour to the conditions attached to the R350-million loan facility by the Public Investment Corporation (PIC) to the now defunct VBS Mutual Bank, the commission of inquiry heard on Tuesday. Good election ammunition. Is the DA awake? Please check if they also have shares at Steinhoff
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