The North West municipality irregularly invested R210m with VBS between July 2017 and March 2018. vbs
The municipal manager of the Dr Ruth Segomotsi Mompati District Municipality has lost his bid to halt the disciplinary hearing against him for investing millions of rand in the doomed VBS Mutual Bank.
In total, the North West municipality irregularly invested R210m with VBS between July 2017 and March 2018, in violation of the Municipal Finance Management Act and the municipal investment regulations. Mononela challenged his suspension in the high court in 2019 but the dispute was declared moot as it was lifted by the council before the matter was heard. However, in February this year the municipality’s council resolved to suspend him on the basis of allegations of procurement malpractices.
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