VBS: A Dream Defrauded by Dewald Van Rensburg
Requirements: – reader, 7.5 MB
Overview: Originally the Venda Building Society, VBS Mutual Bank was a small, little-known lender in Limpopo before it rocketed from obscurity in 2016 by giving President Jacob Zuma a controversial home loan to repay the state for improvements to his Nkandla homestead. The bank was growing rapidly and sold itself as a fearless champion of black advancement. Its main shareholder, Vele Investments, was on a meteoric trajectory towards becoming a financial conglomerate worthy of national attention. When the bank abruptly went into curatorship in March 2018, no one had any reason to doubt that it was just another unfortunate corporate failure. Then the astonishing truth emerged: the collapse of VBS was due to an epic R2-billion fraud that had created Vele’s empire out of thin air and left the bank a hollow shell. VBS: A Dream Defrauded unravels the fraud, exploring how suspected mastermind Tshifhiwa Matodzi and his associates first took control of VBS, fed ANC patronage networks and operated…
Genre: Non-Fiction > Biographies & Memoirs
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