DA to detail plans to act against mayors who gained from VBS Mutual Bank

August 10, 2018 10:51 am Published by Leave your thoughts

CAPE TOWN – The Democratic Alliance (DA) will on Friday spell out its plans to bring no-confidence motions against mayors in Limpopo who have done business with VBS Mutual Bank.

The bank has been placed under curatorship amid a fraud scandal.

In June, the Cooperative Governance Department urged affected municipalities who invested in the bank to work on recovery plans.

More than one billion rand was deposited with VBS as part of a short-term investment by several municipalities from the North West, Limpopo and Gauteng provinces.

The Reserve Bank intends on appointing a commission of inquiry into what went wrong and whether regulators were “asleep at the wheel”.

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