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Damning discoveries made by the Labour Registrar of large scale financial irregularities, including a questionable loan amounting to R12 million received from VBS mutual bank, could leave SAMWU under administration.

The biggest municipal trade union in South Africa, the South African Municipal Workers’ Union (Samwu) could be placed under administration soon.

This follows several damning discoveries made by the Labour Registrar Advocate Lehlohonolo Molefe of large scale financial irregularities, including a questionable loan amounting to R12 million Samwu received from the now-defunct VBS Mutual Bank.

According to Molefe, the loan has not been repaid, although Samwu general-secretary Simon Mathe has denied this.

“There appears a payment purported as a loan from the now discredited, dysfunctional and what has been referred to as ‘the heist bank’ – VBS bank of R11,8 million. The first repayment of R5 millio
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Evidence in the Supreme Court shows that the ANC’s Limpopo Treasury General, Danny Msiza, received R1.5 million via an intermediary.

The intermediary facilitated the “investments” of multi million rand from municipal accounts to VBS bank.

A R9,5 million mortgage from Msiza’s company on a property in Pietersburg is also apparently paid by VBS Bank.

It appears that “bonuses” paid to mayors and financial officers amount to almost R2 billion.

Moshate Investments, intermediary Kabelo Matsepe’s company, received R27 million in facilitation services for almost 27 months.

Read the original article in Afrikaans on Die Vryburger
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Posts tagged with 'VBS Bank'

SAMWU has been dogged by scandal over misappropriation of union funds – new damning discoveries made

Damning discoveries made by the Labour Registrar of large scale financial irregularities, including a questionable loan amounting to R12 million received from VBS mutual bank, could leave SAMWU under administration.

The biggest municipal trade union in South Africa, the South African Municipal Workers’ Union (Samwu) could be placed under administration soon.

The gravy train were properly exploited at the VBS bank- ANC treasury general received R1.5m gift