DA to lay fraud charges against VBS executives

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The Democratic Alliance (DA) will today lay fraud, racketeering and corruption charges against several executives of VBS Mutual Bank at the Sandton police station in Johannesburg.

The party says this follows allegations that the bank’s directors and shareholders Vele investments had defrauded the bank of more than one-point-five-billion-rand.

DA shadow minister of Co-operative Governance and Traditional affairs, Kevin Mileham says, “The Democratic Alliance will today be laying criminal charges against directors of VBS bank and Vele investments, in connection with reports of fraud and corruption relating to the winding up of the bank under the curator. The reason for this is that the municipalities and a number of retail depositors are likely to lose significant amounts of money, and it’s apparent that these directors were involved in the looting of the bank for their own personal benefit.”

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