FF Plus says govt employees are justified in feeling unhappy about the risky investment of their money
Curator must launch investigation into VBS loans
13 March 2018
There are many questions surrounding the validity of the loans that VBS Mutual Bank, formerly known as the Venda Building Society, granted to clients seeing as the bank allegedly accepted investments from 21 municipalities in contravention of legislation.
In terms of the Municipal Financial Management Act, municipalities are prohibited from investing in mutual banks.
During the past week, the South African Reserve Bank placed VBS under curatorship and the FF Plus is calling on the curator to launch an investigation to determine if the loans that were granted, with money that was obtained by means of illegal investments, is valid.