This morning seven people were expected to appear in the Palm Ridge magistrates court in Kathlehong Johannesburg for their alleged involvement in stealing billions of rand from small time savers withe VBS Mutual Bank. It is highly likely that the investigation will widen - say insiders. CNBC Africa’s Chris Bishop filed this report.
The judicial authorities of South Africa are actively looking into crimes committed against the state by private and state owned entities. Exposed claims of corruption and fraud have become regular features on front pages and screens daily. And yet, those exposed have not been successfully prosecuted. Joining CNBC Africa for more is Bernard Hotz, Head of Business Crimes and Investigations at Werksmans Attorneys.
South Africa's Directorate for Priority Crime Investigation- also known as the Hawks is under pressure to make high profile arrests from the litany of corruption cases that are alleged across the country. The Unit will also have to work with the new Investigative Directorate Unit which was recently established by President Ramaphosa. Hawks Head, Lieutenant-General Godfrey Lebeya joins CNBC Africa for more.
South Africa’s auditing profession has been thrown into disarray following a plethora of scandals involving Tongaat Hulett, VBS, Steinhoff and KPMG to find out what is being done to clean up the profession CNBC Africa’s Fifi Peters speaks to SAICA CEO Freeman Nomvalo.
The collapse of VBS has prompted an outcry in South Africa because many municipalities had deposits with the bank.
VBS financial losses prompted a decision to institute a forensic investigation.
She was appointed into position this month back in 2016 to much consternation but she stood her ground and has been making waves doing her most talked about work. Advocate Busisiwe Mkhwebane came in the Public Protector office as a bit of an underdog and now she has political parties threatening court action as she fiercely does her work of holding public servant representative to account. Advocate Mkhwabane joins CNBC Africa while she has pile of work at her office from burning issue of VBS to many others.
Dan Matjila writes: "The only masters I serve are the 1 273 125 active members of the GEPF and the 450 322 pensioners and beneficiaries who, after a lifetime of toil, deserve a secure, prosperous and dignified retirement for the rest of their lives."
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