The HAWKS say that a team of investigators and prosecutors are conducting an investigation…

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The HAWKS say that a team of investigators and prosecutors are conducting an investigation…

The HAWKS say that a team of investigators and prosecutors are conducting an investigation into those suspected of looting billions of rands from VBS Mutual Bank. A final report on the investigation into large-scale fraud at the bank indicated that there are no prospects of saving it after about two-billion rand in depositors’ money was looted. The forensic report by Advocate Terry Motau, recommends that more than 50 individuals be criminally charged and held liable in civil proceedings. The Reserve Bank placed VBS under curatorship due to its growing liquidity problems. Hawks spokesperson Hangwani Mulaudzi says their probe is ongoing. Meanwhile, the EFF has called for the criminal prosecution and blacklisting of all those who illegally benefited from the large-scale looting at VBS. According to the report, EFF employee and the brother of the party’s Deputy President Floyd Shivambu is alleged to have pocketed 16-million-rand. The EFF statement released yesterday does not mention a word about Brian Shivambu, the brother of Floyd Shivambu.

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