In December 2017 the Vhembe District municipality mayor was pleading for a “Christmas” for her and the speaker of the municipality as they were the ones making sure the money deposited in the VBS Mutual Bank was kept by the bank for six months. “Christmas” is often used in local lingo during the year-end holiday season to signal a request for a monetary gift.

The Reserve Bank placed VBS under curatorship in March after withdrawals by municipalities led to a cash crunch. The Bank then appointed a team of forensic investigators led by Werksmans Attorneys and advocate Terry Motau, to establish what exactly had precipitated the failure...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now