Mail & Guardian
Mail & Guardian

Sipho Malaba

latest 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
AVHASHONI RAMIKOSI

In a bizarre twist VBS liquidators sue KPMG for R863mn

In filed court documents, the VBS liquidators are blaming auditing firm KPMG’s negligence for the alleged looting of the bank

  • Khaya Koko
3 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
Municipal workers protest. (Photo by Gallo Images / Beeld / Cornel Van Heerden)
AMABHUNGANE ADVOCACY

Workers’ R60m ‘lost’ in banks scam

An asset manager, VBS Mutual Bank and a Namibian bank have put the retirement funds of 26 000 municipal workers in South Africa at risk

  • Sabelo Skiti
6 min read
KPMG partner Sipho Malaba was aware of nearly R1-billion cash shortage at VBS Mutual Bank, but cleared its financials anyway. (Alon Skuy/Gallo Images)
KPMG

KPMG vows to work with Reserve Bank in wake of damning VBS report

KPMG executive chairperson Wiseman Nkuhlu says the firm will take stock of the investigation and cooperate with the Reserve Bank

  • Khulekani Magubane
  • Kyle Cowan
2 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.
DUMI TSHUMA

Former execs claim R30m from KPMG

Lawsuit reveals the extent to which two ex-directors were indebted to VBS Mutual Bank

  • Thanduxolo Jika
8 min read
KPMG

KPMG exec embroiled in VBS probe

An amount of R177-million is missing in a complex money trail that jumps from Namibia to South Africa

  • Thanduxolo Jika
5 min read
Tshifhiwa Matodzi (left) Andile Ramavhunga. (Mduduzi Ndzingi/Sowetan/Gallo Images)
ANOOSH ROOPLAL

Curator withdraws VBS’s 2017 financial statements

Anoosh Rooplal has announced that he was withdrawing VBS Mutual Bank’s most recent financial statements.

  • Lynley Donnelly
1 min read