Total of R1.8 bln looted from VBS: Deputy Governor

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The Deputy Governor of the Reserve Bank has confirmed that a total of R1.8 billion was looted from the now liquidated VBS Bank.

Kuben Naidoo, who testified before at the Judicial Commission into impropriety at the Public Investment Corporation (PIC) in Pretoria, says following a forensic investigation, they have established that 53 persons of interest benefited from that money from March 2015 to June 2018.

The biggest beneficiary were Paul Magula, the PIC former executive head of risk management, who received R14.8 million for his silence and Ernest Nesane, former executive head of legal counsel at the PIC who received R16.6 million.

Naidoo says they have presented a formal criminal complaint to the police, the Hawks and the National Prosecuting Authority (NPA) who are currently investigating.

“Three of the executives of the VBS being Magula, Nesane and Ramakosi all confessed that they had been rewarded in an improper manner. Magula after first giving a great deal of false evidence  eventually found himself constrained to retract his prior evidence and seek immunity against self-incrimination,” says Naidoo.

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