Limpopo’s Treasury Department has appointed a forensic team to investigate alleged irregularities against 10 municipalities that invested with the troubled VBS Mutual Bank.
The Reserve Bank placed VBS under curatorship after alleged corruption and fraud was discovered earlier this year.
Limpopo government spokesperson Phuti Seloba says the executive council wants action taken against the municipal officials who transgressed laws.
“We’ve just appointed a company to conduct forensic investigation and we’re going to make sure that we leave no stone unturned. Against those who will be found wanting, they will definitely have to face the full might of the law. We’ll definitely take action that will last long in the memories of the people of this province. We’ve asked them to fast track the investigations so that this matter can be laid to rest.”
