The looting of close to R2 billion allegedly occurred at VBS Mutual Bank during a three-year period.

Van Rooyen told OFM News that the committee had never dealt with a matter of this kind and was seeking legal advice on how best to handle the matter. The FDC is alleged to have received over R104 million from the bank, thus making it one of the top three beneficiaries as listed in the report. 

Van Rooyen said that the Corporation’s management would meet with the committee on Tuesday in Bothaville to account on the report, alleged funds it received from VBS as well as why it invested over R10 million in the bank last year and whether or not, that investment received any returns and if public monies were used for that investment.

The bank is currently under curatorship and this figure of R10 million is listed in the corporation’s 2017/18 annual report as a single entry. Apart from this, there seems to be no other link in the Corporation’s annual statements and financial reports linking the two companies which recently came under the spotlight. Meanwhile, OFM News could not reach the FDC for comment.

Attempts to reach the Corporation’s management either via email or telephone proved to be unsuccessful.

OFM News