[north-west] - NW municipalities implicated in VBS scandal to appear before Scopa

  |   Mahikengnews / Potchefstroomnews

RUSTENBURG - All four North West municipalities implicated in the VBS Mutual Bank scandal will be hauled before the province's Standing Committee on Public Accounts (Scopa) in Mahikeng on Tuesday.

The municipalities will appear before Scopa to present a progress report on how they have investigated the matter and possible plans to recover lost funds.

An explosive probe into VBS titled 'VBS Mutual Bank: Great Bank Heist' found that municipalities had invested in VBS even though this was forbidden by the Municipal Finance Management Act (MFMA).

In November 2018, the High Court in Pretoria issued a final order to liquidate VBS.

Madibeng local municipality invested R31 million of its conditional grant....

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