A Daily Maverick investigation suggests the bank had an attitude towards loans that other banks would find odd, especially when it came to Kabelo Matsepe.
Further details on the spending of an alleged key individual in the looting saga of VBS Mutual Bank have emerged on Friday in a Scorpio investigative report published inReporter Pauli van Wyk revealed that, from the R35.4 million that former ANCYL Limpopo leader Kabelo Matsepe and his companies allegedly received from the bank, he bought a top-of-the-range Range Rover and a house in Centurion.
Last year, an independent report into the collapse of VBS named 50 people and entities that “gratuitously” received cash from the mutual bank over a three-year period commencing from March 2015. Motau’s explosive report found that there was “wide-scale looting and pillaging of the [money] placed on deposit at VBS”.
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