Just R107m recovered from VBS
The Auditor-General (AG) has identified financial losses amounting to R1.6bn from municipalities that invested with the now defunct VBS.
Addressing the National Press Club in Pretoria yesterday, AG Tsakani Maluleke said her office had issued 13 material irregularity notices regarding investments made to the bank, reports News24.
‘The money that was recovered is still quite little. At the last count, municipalities where we had raised this material irregularity, municipalities that had lost R1.6bn, they had recovered R107m, merely 7% of what they would have lost, which is a real tragedy because this is money that should have gone into fixing and building infrastructure so that citizens could enjoy service delivery.’
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Article disclaimer: While we have made every effort to ensure the accuracy of this article, it is not intended to provide final legal advice as facts and situations will differ from case to case, and therefore specific legal advice should be sought with a lawyer.
Article disclaimer: While we have made every effort to ensure the accuracy of this article, it is not intended to provide final legal advice as facts and situations will differ from case to case, and therefore specific legal advice should be sought with a lawyer.
