FORENSIC REPORT
PIC nearly granted VBS R1.5bn loan days before it collapsed
The Public Investment Corporation (PIC), which looks after more than R2-trillion mainly on behalf of government workers, came within a whisker of granting a R1.5bn loan facility to VBS Mutual Bank, just days before the bank collapsed amid huge fraud by its managers.
A leaked forensic report into the PIC’s dealings with VBS Mutual Bank also showed how its request for funding made it all the way to the asset manager’s investment committee in March 2018, despite its own specialist teams warning of risks and questioning the integrity of its executives. It is not clear whether the committee approved or declined the request...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.