Tongue-lashing for VBS delinquents
An audacious municipal manager, found guilty of illegally investing R80m of local government funds in VBS Mutual Bank, will not receive a R1.29m golden handshake from the council. But the case raises questions about accountability at local level
22 June 2023 - 05:00
Harsh words were dished out recently by labour court judge Connie Prinsloo in a case that still concerns municipalities’ illegal dealings with the now-defunct VBS Mutual Bank.
It isn’t the first case involving municipal executives erring on the wrong side of public finance management laws and regulations in their dealings with the bank. But what stands out in this case is the brazenness — the audacity — of the complainant. ..
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