• News
  • Sport
  • TV
  • Radio
  • Education
  • TV Licences
  • Contact Us
  • SOUTH AFRICA
  • POLITICS
  • BUSINESS
  • SPORT
  • AFRICA
  • WORLD
  • FEATURES
  • OPINION
No Result
View All Result
1
Home Business

Municipalities which invested in VBS Mutual Bank facing financial crisis

16 October 2019, 6:55 AM  |
Jabulani Baloi Jabulani Baloi |  @SABCNews
Several Limpopo municipalities that invested in the VBS Mutual Bank have lost more than R1.2-billion.

Several Limpopo municipalities that invested in the VBS Mutual Bank have lost more than R1.2-billion.

Image: SABC

Several Limpopo municipalities that invested in the VBS Mutual Bank have lost more than R1.2-billion.

The Portfolio Committee on Cooperative Governance and Traditional Affairs has heard that municipalities which invested public funds in the now liquidated VBS Mutual Bank are facing financial crisis.

Limpopo municipalities have lost more than R1.2-billion.

Thousands of residents in the Fetakgomo-Tubatse Municipality have been without electricity after a multi-million rand electrification project called Operation Mabone was stalled.

This after the municipality has invested more than R240-million in VBS.

Other affected municipalities include Ephraim Mogale (which lost R84-million), Elias Motsoaledi and Lepelle-Nkumpi in the Sekhukhune district.

Committee Chairperson Faith Muthambi says they will make sure public funds meant for service delivery and lost in investments are recouped from implicated officials.

“We’re going to monitor the programme every three months…and make recommendations that the money be recouped because already you can see now this is wasteful and fruitless expenditure,” says Muthambi.

Share article
Tags: LimpopoFaith MuthambiVBS Mutual Bank
Previous Post

Cuba Gooding Jr pleads not guilty to assault charges

Next Post

Ramaphosa appeals for strengthening of multilateral institutions

Related Posts

FILE PHOTO: Representations of Bitcoin and other cryptocurrencies on a screen showing binary codes are seen through a magnifying glass in this illustration picture taken September 27, 2021. REUTERS/Florence Lo/Illustration/File Photo

Asia stocks hold up, China gives up some gains after weak trade data

7 June 2023, 6:42 AM
Post Office at a mall

Best option for Post Office is to be put under business rescue: Gungubele

6 June 2023, 4:40 PM
A person works at ''The Faktory", a fashion design and clothing manufacturing company in Johannesburg, South Africa, March 4, 2021.

SA economic growth at 0.4% for first quarter of 2023: Stats SA

6 June 2023, 2:22 PM

Western Cape launches booster fund to increase exports

6 June 2023, 12:44 PM
Karadeniz Powership Orhan Bey, an electricity-generating ship from Turkey, docked at the port of Jiyeh, south of Beirut, Lebanon August 10, 2017.

Karpowership contracts will be reduced from initial 20-year term: Ramokgopa

6 June 2023, 10:17 AM
Prasa Board Chairperson, Leonard Ramatlakane during an oversight visit at the reopened Naledi to Johannesburg train route on December 15, 2022.

Leonard Ramatlakane fired as Prasa’s board Chair

6 June 2023, 10:02 AM
Next Post
Ramaphosa was addressing ambassadors and heads of mission-designate who handed their credential letters to him from their respective leaders during an event at the Sefako Makgatho Presidential Guesthouse in Pretoria...

Ramaphosa appeals for strengthening of multilateral institutions

Most Viewed

  • 24hrs
  • Week
  • Month
  • Eastern Cape ActionSA raises eyebrows over qualifications of senior officials
  • Unisa suspends registrar for various breaches of policy
  • Slain teen Palesa Malatji’s family calls for death sentence to be reinstated
  • Orlando Pirates player Thembinkosi Lorch found guilty of assault
  • Limpopo district embroiled in fraudulent travel claims
  • Dr Nandipha’s looks during court appearances under the spotlight
  • Deadline for Zimbabwean Exemption Permits draws near
  • Reserve Bank expected to increase repo rate on Thursday
  • Zimbabwe receives 18 helicopters from Russian Federation
  • Eastern Cape ActionSA raises eyebrows over qualifications of senior officials
  • Orlando Pirates player Thembinkosi Lorch found guilty of assault
  • Construction of softball stadium halted in Limpopo
  • Limpopo ANC PEC orders municipalities to recover lost public funds in VBS scandal
  • Zwane expected to remain Chiefs coach despite dismal season
  • Hawks arrest seven suspects for alleged Raisethorpe boy kidnapping

LATEST

FILE PHOTO: Representations of Bitcoin and other cryptocurrencies on a screen showing binary codes are seen through a magnifying glass in this illustration picture taken September 27, 2021. REUTERS/Florence Lo/Illustration/File Photo
  • Business

Asia stocks hold up, China gives up some gains after weak trade data


FILE PHOTO: Houses are seen in the Debussy neighbourhood
  • World

Fatal quake hits Haiti as it reels from floods


[File image] Police tape marks off a crime scene.
  • South Africa

Female student stabbed to death at NMU residence


  • Africa

Kenya economic growth to edge up this year, World Bank says


A satellite image shows Nova Khakovka Dam in Kherson region, Ukraine June 5, 2023.
  • World

Ukraine dam explosion in the spotlight at UN Security Council session


Unisa buiilding in Pretoria.
  • South Africa

Unisa concerned about spurious allegations against suspended Registrar Mothata


Weather

  • About the SABC
  • Contact Us
  • Jobs
  • Advertise
  • Disclaimer
  • Site Map

SABC © 2023

No Result
View All Result
  • SOUTH AFRICA
  • POLITICS
  • BUSINESS
  • SPORT
  • AFRICA
  • WORLD
  • FEATURES
  • OPINION

© 2023

Previous Cuba Gooding Jr pleads not guilty to assault charges
Next Ramaphosa appeals for strengthening of multilateral institutions