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Financial Services

Ramaphosa: We are ashamed of what happened at VBS Mutual Bank

Jul 16 2018 21:28

President Cyril Ramaphosa says that the developments at VBS Mutual Bank are shameful and the culprits who stole from depositors must be dealt with in terms of the law.

Financial Services

Court orders Holomisa to stop making PIC corruption claims

Jul 16 2018 17:30

A court has issued an order against UDM leader Bantu Holomisa preventing him from making further corruption allegations against firms he has accused of benefiting from what he deems to be dubious PIC funding.

Financial Services

VBS Mutual Bank: Calls for former PIC directors to be declared delinquent

Jul 15 2018 13:07

The Federation of Unions of South Africa has called for two former PIC directors implicated in allegations surrounding VBS Mutual Bank to be declared delinquent.

Financial Services

Big funds fight fat-cat salaries

Jul 15 2018 06:09

There is little correlation between performance and pay ... the level of increases is one reason for the ever-increasing inequality.

Financial Services

EXPOSED: The power struggle rocking VBS Mutual Bank’s main shareholder

Jul 13 2018 12:26

A power struggle between two central figures in Vele Investments, the company which may have become beleaguered VBS Mutual Bank’s majority shareholder through fraudulent means, has led to claims that one has illegally fired the other.

Financial Services

PIC legal head quits following VBS testimony

Jul 13 2018 17:37

The Public Investment Corporation says its executive head for legal counsel, governance and compliance has resigned with immediate effect.

Financial Services

Fake clients, suitcase of cash and a chopper - how VBS allegedly dealt with ‘R1.5bn fraud’

Jul 13 2018 11:34

Elaborate plans, including creating fake clients, were discussed hours after VBS Mutual Bank was placed under curatorship following the internal looting of R1.5bn funds, it has been alleged in court papers.

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