Advocate Terry Motau in his final report said that an amount the amount of R1.8 billion. was gratuitously received from VBS by some 53 persons over the period 1 March 2015 to 17 June 2018.
The forensic investigator who looked into the rot of VBS Mutual Bank has concluded that the rot in the bank ran too deep to salvage it.
“I recommend that urgent steps be taken to wind-up VBS. It seems clear to me that there is no prospect of saving VBS,” wrote Motau. “It is corrupt and rotten to the core. Indeed, there is hardly a person in its employ in any position of authority who is not, in some way or other, complicit’.
Amongst those who benefitted from the looting of the embattled bank was the lead auditor of the bank, Sipho Malaba who was fingered of having benefitted to the tune of R34 million.
Just started reading Terry Motau SC's forensic report into #VBS, "The Great Bank Heist…"I have, for the past five months, investigated the sorry affairs of the VBS Mutual Bank…. the perpetrators…made away with almost R2bn. I trust that, in this case, arrests will be made."
— Michael Avery (@MichaelJAvery) October 10, 2018
[MEDIA STATEMENT] The SARB has received the forensic investigators report into the affairs of VBS Mutual Bank from Advocate Terry Motau SC. The full media statement and the report is available here: https://t.co/cdhIamZ8tV
— SA Reserve Bank (@SAReserveBank) October 10, 2018