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Hawks and NPA to consider latest VBS report

The Hawks say it's investigators and the National Prosecuting Authority (NPA) will have to study the forensic report into the looting at VBS Mutual Bank.

VBS

The scandal is back in the spotlight after a forensic report led by Werksmans Attorneys and advocate Terry Motau revealed widespread looting and subsequent cover-ups in the bank's operations.


The report was published by the South African Reserve Bank on Wednesday and shows that more than R2 billion had been looted from the bank by 53 individuals between 1 March 2015 and 17 June 2018.


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It further states how Brian Shivambu‚ - believed to be the brother of EFF deputy president Floyd Shivambu - received R16.1m from gratuitous payments from the bank.


Hawks spokesperson, Hangwani Mulaudzi, says they have already launched a separate investigation into VBS, but adds the details cannot be made public at this stage.


Mulaudzi says they may add the findings of the report into its independent investigation.


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