Mail & Guardian
Mail & Guardian
paul magulalatest news & developments
Victims of the VBS Mutual Bank (VBS) scandal who lost their life savings say it is ironic that Economic Freedom Fighters (EFF) members are demanding the return of “stolen” land while failing to pay back the money they allegedly received unlawfully from the bank.
ANDILE RAMAVHUNGA

R2.3-billion VBS Mutual Bank heist trial to start soon

The state has finalised its charge sheet and is ready to prosecute the alleged bank looters

  • Khaya Koko
3 min read
ANDILE RAMAVHUNGA

‘We are all innocent,’ VBS eight tell court

The National Prosecuting Authority believes it has ‘a very strong case’ and wants to begin the VBS Mutual Bank trial

  • Khaya Koko
4 min read
ANDILE RAMAVHUNGA

‘Not guilty’ says R35m VBS ‘looter’

Former ANC youth leader Kabelo Matsepe set to protest his innocence after arrest by the Hawks

  • Emsie Ferreira
  • Khaya Koko
4 min read
Victims of the VBS Mutual Bank (VBS) scandal who lost their life savings say it is ironic that Economic Freedom Fighters (EFF) members are demanding the return of “stolen” land while failing to pay back the money they allegedly received unlawfully from the bank.
AFRICAN NATIONAL CONGRESS

Senior ANC officials to be arrested for role in VBS looting

Danny Msiza and Kabelo Matsepe will become the first politicians to be face charges for alleged complicity in the scandal

  • Lizeka Tandwa
  • Emsie Ferreira
  • Khaya Koko
5 min read
NPA head Shamila Batohi said although the SIU was mandated to make referrals to the NPA, many of its cases needed further investigation to justify reasonable doubt. She said the SIU was almost using the NPA as a post box for its cases to be sent to the Hawks. (Gallo/Sunday Times/Alaister Russell)
ANDILE RAMAVHUNGA

NPA cool on ire over VBS saga’s glacial pace

The NPA has confirmed that the trial of the expected 10 accused in the VBS heist will be a marathon

  • Khaya Koko
3 min read
Trial date: The VBS heist trial is expected to begin only in early 2022. Photo: Delwyn Verasamy
ANDILE RAMAVHUNGA

R2.3bn VBS trial expected to only begin in 2022

The state is expected to request a 16 week-long trial, as delays stymie progress in the saga.

  • Khaya Koko
3 min read
Frustration reigned at the R2.3-billion VBS Mutual Bank heist court case after another postponement, with one of the accused’s lawyers arguing that his client was suffering financial prejudice because of the state’s alleged ineptitude.
ANDILE RAMAVHUNGA

VBS case delays cause massive frustration

A certificate is needed from the head of the NPA for more arrests to be made

  • Khaya Koko
4 min read
Seven of the defunct bank’s top executives appeared at the specialised commercial crimes court sitting in Palmridge on Thursday.
ANDILE RAMAVHUNGA

More arrests expected in the R2.3bn VBS heist

Prosecutors tell the court that more people will be charged and additional charges will be added to the seven accused in a new charge sheet

  • Khaya Koko
2 min read
Phillip will spend seven years behind bars.
ANDILE RAMAVHUNGA

‘Haunted’ VBS executive Truter sentenced to seven years

Phillip Truter, the former chief financial officer of the defunct mutual bank who pleaded guilty to fraud and other charges, will work with authorities on how the alleged heist…

  • Khaya Koko
2 min read
Former PIC chief executive Dan Matjila testifying at the PIC commission of inquiry. He is alleged to have authorised a contract finance loan that did not have the required paperwork. (Delwyn Verasamy/M&G)
DAN MATJILA

VBS’s fuel scheme lost PIC millions

Forensic investigation discovers anomalies in withdrawals, but top executives approved them

  • Sabelo Skiti
6 min read
Magula was deployed to the VBS board as a non-executive director to protect the PIC’s interests which held a 25% stake in the VBS and had extended a R350-million credit facility to the bank.
PAUL MAGULA

Former PIC officials implicated in VBS heist banned from financial services sector

Paul Magula and Ernest Nesane both sat on the board of VBS to guard the PIC’s interests

  • Tebogo Tshwane
3 min read
All articles in this week’s M&G are free to read.
BAHIYYA KHAN

Read the unembargoed March 15 – 21 edition of the M&G

Corruption pays: The multimillionaire who sold off SA’s fuel reserves, and Fired PIC exec ‘lied’ about VBS bank bribes

  • Mg Reporter
7 min read
Magula was deployed to the VBS board as a non-executive director to protect the PIC’s interests which held a 25% stake in the VBS and had extended a R350-million credit facility to the bank.
PAUL MAGULA

PIC man digs himself a deep hole

When Paul Magula testified this week about malfeasance, he should have recalled what he reportedly told the VBS investigators

  • Thanduxolo Jika
6 min read
Magula was deployed to the VBS board as a non-executive director to protect the PIC’s interests which held a 25% stake in the VBS and had extended a R350-million credit facility to the bank.
DAN MATJILA

Former PIC executive denies wrongdoing in VBS looting

Paul Magula was dismissed by the PIC in April 2018 for poor performance and failing to protect the PIC from risk and financial loss at VBS

  • Tebogo Tshwane
4 min read
Pule Mabe has been at Luthuli House for some years but is now ready for a new chapter
AFRICAN NATIONAL CONGRESS

ANC: Heads must roll over ‘alarming’ VBS Mutual Bank report

The report recommended that more than 50 individuals be criminally charged and held liable in civil proceedings

  • Jenna Etheridge
  • Kyle Cowan
3 min read
Former French President Nicholas Sarkozy (Die Burger/Francois Nel)
CYRIL RAMAPHOSA

Ramaphosa to appoint commission of inquiry to probe PIC

The PIC recently announced it was appointing a forensic investigator to look into its investment in the embattled VBS Mutual Bank

  • Lynley Donnelly
2 min read
In the open letter
BANTU HOLOMISA

Court gags Holomisa over PIC corruption claims

A major BEE firm and business leaders took Bantu Holomisa to court after he wrote President Cyril Ramaphosa an open letter

  • Mashadi Kekana
2 min read
Saica’s members that are implicated include former chief executive Andile Ramavhunga and former holding company Vele Investments chairperson Tshifhiwa Matodzi. (SABC)
ERNEST NESANE

Fedusa calls for former PIC directors linked to VBS Bank to be declared delinquent

Fedusa wants the pair to be declared delinquent directors for ‘failing to apply the highest standards of ethics and good corporate governance’

  • Lameez Omarjee
2 min read
Magula was deployed to the VBS board as a non-executive director to protect the PIC’s interests which held a 25% stake in the VBS and had extended a R350-million credit facility to the bank.
ANOOSH ROOPLAL

Further PIC bloodletting in wake of VBS looting

The PIC crisis comes as the embattled VBS bank was placed under curatorship in March after Reserve Bank discovered liquidity issues

  • Thanduxolo Jika
5 min read