Seven Limpopo municipalities lost money to VBS - Limpopo Premier

On Wednesday, Limpopo Premier Stan Mathabatha announced the suspension of municipal managers and chief financial officers in several Limpopo municipalities which illegally invested money with the VBS Mutual Bank.

10 municipalities invested about R1.2 billion in the bank.

He joined Karima Brown on her show to give an update on the legal action that will be taken against the individuals implicated.

He says three of the ten municipalities to recover the money lost to the bank.

We have ten municipalities who invested illegally and out of the ten, three managed to get their money back with interest but the rest of them lost their money.

Stan Mathabatha, Limpopo Premier

The criminal proceedings will be undertaken by the Hawks because that is their competency but what we are doing currently is conducting a forensic audit and it will be complete by the end of this month. Immediately after, we will be able to know what kind of charges we are supposed to label against those whom we think committed criminal offences.

Stan Mathabatha, Limpopo Premier

Mathabatha says some of the officials admitted to being bribed.

Responding to questions surrounding members of the Provincial Executive Committee implicated in the VBS heist report, the premier says it is not in his jurisdiction to act against them.

The competency of discipline is with the National Executive Committee. We have met with the NEC and they have assured us that they will assist with that issue, so we can't be tampering with that.

Stan Mathabatha, Limpopo Premier

Click on the link below to hear more from Mathabatha...


This article first appeared on 702 : Seven Limpopo municipalities lost money to VBS - Limpopo Premier


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