A company inextricably linked to the Brothers Shivambu benefited from a questionable R4-million VBS Mutual Bank business loan. Before the bank was put under curatorship, VBS managed to advance about R2.1-million towards the intended business – a wine bar and restaurant in Vilakazi Street, Sow.
VBS saga: Indictment details corrupt gratifications driving illegal municipal investments in doomed bank news24.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from news24.com Daily Mail and Mail on Sunday newspapers.
Seven accused, Robert Madzonga , Kabelo Matsepe, Daniel Msiza , Ralliom Razwinane , Takunda Mucheke and Tshianeo Madadzhe they are facing 188 fraud, theft , money laundering and racketeering charges for the alleged looting of the VBS Bank. Picture: Nokuthula Mbatha\African News Agency(ANA)
VBS bank accused granted R50k to R100k bail
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Cape Town - The Palm Ridge Magistrateâs Court has granted bail to seven people who were arrested in connection with the alleged looting of the VBS Mutual Bank.
ANC Limpopo provincial treasurer, Danny Msiza, is one of the seven people granted bail of between R50 000 and R100 000 in the Palm Ridge Magistrateâs Court on Friday.