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South Africa: “First black bank” collapses after being looted by owners

 
Putin's Voluntaryist

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11/08/2018 06:21 PM

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South Africa: “First black bank” collapses after being looted by owners
VBS Mutual Bank—lauded as the first bank in South Africa to be totally owned and managed by Africans—has collapsed after its owners stole all the cash and bribed government and local government officials into depositing money in the operation, an official inquiry set up by the South African Reserve Bank (SARB) has found.

According to the official report issued by the SARB, titled “The Great Bank Heist: Investigator’s Report to the Prudential Society,” the African owners at the VBS Mutual Bank “made away with almost R2 billion” in what it described as “a single criminal enterprise.”

VBS Mutual Bank became a mutual bank in 1992, and was listed on the South African Stock Exchange in 2017. It ran into what media called “liquidity problems” early in 2018, and was placed under curatorship in March this year.

The SARB report found that R1,894,923,674 (US$ 130 million) was transferred from the Bank to fifty three individuals between 15 March 2015 and 17 June 2018. According to the report, R16,148,569 (US$1.09 million) went to Brian Shivambu, younger brother of the anti-white Economic Freedom Fighter senior politician Floyd Shivambu.

Other cash went to local government officials in at least 15 regions as payments for switching banking facilities to the African-owned bank. Among those implicated are the African National Congress’s deputy chairman for the northern Limpopo province, Florence Radzilani, and that organization’s regional treasurer, Danny Msiza.

MORE: [link to newobserveronline.com]
The Patriot Mind

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11/08/2018 06:30 PM

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Re: South Africa: “First black bank” collapses after being looted by owners
They really have turned South Africa into a shit hole

But ... we wuz Kangs and shit so all is well

Last Edited by The Patriot Mind on 11/08/2018 07:11 PM
Fighting and triggering liberals and SJW's in the trenches of their safe spaces since 2014

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Dash Riprock

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11/08/2018 06:30 PM
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Re: South Africa: “First black bank” collapses after being looted by owners
Nobody left to blame.
Dash Riprock
weaselboy

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11/08/2018 06:33 PM

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Re: South Africa: “First black bank” collapses after being looted by owners
gomer
Weaselboy
Cannabis Kills People

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11/08/2018 06:33 PM
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Re: South Africa: “First black bank” collapses after being looted by owners
xxxcite
Cannabis destroys the heart and vascular system, dangerously lowers blood pressure and causes psychosis and paranoia

Gemma Moss, 31, becomes first woman in Britain to DIE from cannabis poisoning

[link to www.dailymail.co.uk (secure)]
MissCleo

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11/08/2018 06:40 PM

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Re: South Africa: “First black bank” collapses after being looted by owners
Irony.
Cardiak

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11/08/2018 06:42 PM

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Re: South Africa: “First black bank” collapses after being looted by owners
I know when ever I need to stash my money some place safe I always seek out the first black owned vault. Hasn’t let me down yet
Mental Case

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11/08/2018 06:44 PM
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Re: South Africa: “First black bank” collapses after being looted by owners
Is anybody surprised?
Mental Case

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11/08/2018 06:45 PM
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Re: South Africa: “First black bank” collapses after being looted by owners
Let's think...how can they blame this on white privilege?
Chas

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11/08/2018 06:46 PM
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Re: South Africa: “First black bank” collapses after being looted by owners
I was just there for a few weeks...yep it is going to shit. Some great people there, but the current politicians and their cronies will destroy the country and empty the coffers.
Chas
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11/08/2018 07:02 PM
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Re: South Africa: “First black bank” collapses after being looted by owners
LOL


NC-ud0ntsay
Free men kill for free.
Blunt Force Trauma

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11/08/2018 07:10 PM

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Re: South Africa: “First black bank” collapses after being looted by owners
That adds a whole new meaning to the phrase of being, "In the Black"...?

IMO that is what is has always meant anyway when dealing with Banksters...?

Down a black Rat-Hole...
.
Where Blather Vs Godzilla

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Chief Elder's Assistant

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11/08/2018 07:14 PM
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Re: South Africa: “First black bank” collapses after being looted by owners
Wish my family would come home!
BOOBS

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11/08/2018 07:15 PM
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Re: South Africa: “First black bank” collapses after being looted by owners
Let's think...how can they blame this on white privilege?
 Quoting: Mental Case


Its teimp fault
FINGERPRINTS of the GODS

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11/08/2018 07:19 PM

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Re: South Africa: “First black bank” collapses after being looted by owners
shitstorm33
ar15a1
chuckles45

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11/08/2018 07:23 PM

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Re: South Africa: “First black bank” collapses after being looted by owners
Even stevie wonder saw this coming!!
Idealism is a wonderful thing, as long as you have someone rational to put it to good use.
PatriotGeorge

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11/08/2018 07:25 PM
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Re: South Africa: “First black bank” collapses after being looted by owners
I'm sure it's Trump's fault. (/s)
Not a Russian bot, but will bee boop if the price is right.
Anonymous Coward
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11/08/2018 07:26 PM
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Re: South Africa: “First black bank” collapses after being looted by owners
rofl
seekinginformation

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11/08/2018 07:28 PM

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Re: South Africa: “First black bank” collapses after being looted by owners
It is their utopia. Let them enjoy it!

I think all the Whites in SA should be forced to emigrate to a friendly European country (Or maybe North America!). That way they can't possibly affect the utopian future the Blacks are building for themselves in the new RSA. I'm sure that if there were no Whites in SA, that bank would surely still be solvent.
seekinginformation
Doom Monkey

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11/08/2018 07:31 PM

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Re: South Africa: “First black bank” collapses after being looted by owners
I'm wondering where they put their ill gotten gains? Could be worth finding out.
smith357

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11/08/2018 07:40 PM

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Re: South Africa: “First black bank” collapses after being looted by owners
xxxcite
 Quoting: Cannabis Kills People


Cannabis never killed anyone. Please stop with the fake news.
smith
last one
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11/08/2018 07:46 PM

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Re: South Africa: “First black bank” collapses after being looted by owners
chuckle
If I'd known I was going to live this long, I would have taken better care of myself.

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Base12

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11/08/2018 07:48 PM
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Re: South Africa: “First black bank” collapses after being looted by owners
So... that Nigerian money transfer email was legit after all.

dance
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MyPillow

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11/08/2018 07:52 PM

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Re: South Africa: “First black bank” collapses after being looted by owners
I bet if you dig into the details, that Maxine Waters is involved.
Malu nli

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11/08/2018 07:52 PM
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Re: South Africa: “First black bank” collapses after being looted by owners
Being on the other side of bullet proof glass must have been overwhelming
McShillin

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11/08/2018 07:53 PM
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Re: South Africa: “First black bank” collapses after being looted by owners
black
America First

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11/08/2018 07:56 PM

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Re: South Africa: “First black bank” collapses after being looted by owners
wtfdoom
His judgement cometh and that right soon
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Agent Smith 2014

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11/08/2018 08:06 PM
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Re: South Africa: “First black bank” collapses after being looted by owners
VBS Mutual Bank—lauded as the first bank in South Africa to be totally owned and managed by Africans—has collapsed after its owners stole all the cash and bribed government and local government officials into depositing money in the operation, an official inquiry set up by the South African Reserve Bank (SARB) has found.

According to the official report issued by the SARB, titled “The Great Bank Heist: Investigator’s Report to the Prudential Society,” the African owners at the VBS Mutual Bank “made away with almost R2 billion” in what it described as “a single criminal enterprise.”

VBS Mutual Bank became a mutual bank in 1992, and was listed on the South African Stock Exchange in 2017. It ran into what media called “liquidity problems” early in 2018, and was placed under curatorship in March this year.

The SARB report found that R1,894,923,674 (US$ 130 million) was transferred from the Bank to fifty three individuals between 15 March 2015 and 17 June 2018. According to the report, R16,148,569 (US$1.09 million) went to Brian Shivambu, younger brother of the anti-white Economic Freedom Fighter senior politician Floyd Shivambu.

Other cash went to local government officials in at least 15 regions as payments for switching banking facilities to the African-owned bank. Among those implicated are the African National Congress’s deputy chairman for the northern Limpopo province, Florence Radzilani, and that organization’s regional treasurer, Danny Msiza.

MORE: [link to newobserveronline.com]
 Quoting: Putin's Voluntaryist


epiclol
Life is a dream and we are the imagination of ourselves.
jkm1864
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11/08/2018 08:09 PM

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Re: South Africa: “First black bank” collapses after being looted by owners
If You think things are bad now just wait till the run out of water when their failing infrastructure can't support the growing population. The best part is they told whitie to fuck off when they warned that their infrastructure needed expansion so they can only blame it on themselves.

Last Edited by jkm1864 on 11/08/2018 08:09 PM
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jkm1864
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11/08/2018 08:10 PM

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Re: South Africa: “First black bank” collapses after being looted by owners
It must be a bitch to have undeveloped abstract thinking capability and can't foresee the long term consequences of Your short term actions.
Pussy Grabber Extraordinaire
Sikhed
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11/08/2018 08:11 PM

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Re: South Africa: “First black bank” collapses after being looted by owners
Let's think...how can they blame this on white privilege?
 Quoting: Mental Case


They will. Probably blame whitey for generations of repression or something like that.
doom360