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/ 19 November 2007

Land Bank says treasurer not suspended

The head of the Land Bank’s treasury, Makgale Gwangwa, has not been suspended from duty, the bank reiterated in a quarter-page advertisement on Monday. the Land Bank said it had become important to ”set the record straight” amid ongoing media speculation about the situation at the bank.

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/ 11 November 2007

Officials ‘siphoned off’ farmers’ billions

Top Land Bank officials have siphoned off more than R2-billion — meant for farmers — to fund their close friends’ and associates’ ventures, the <i>Sunday Times</i> reported. The money was reportedly used for luxury golf estates, a sugar mill, equestrian estates and residential developments. The fraud was revealed in a forensic audit by Deloitte, which was handed to the Cabinet this week.

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/ 7 November 2007

Land Bank audit report goes to prosecutors

A forensic audit report into the financial management of the Land Bank is to be referred to the National Directorate of Public Prosecutions for ”further investigation”, the Land Affairs Ministry said on Wednesday. This was among recommendations made by the Cabinet after consideration of the report, it said in a statement.