South Africa’s justice minister has denied corruption allegations against her related to a mutual bank scandal in which thousands of retirees lost their life savings. VBS Mutual Bank was declared insolvent and bankrupt in 2018 after it emerged that more than 2 billion rand or $112 million had been stolen from the bank.
JOHANNESBURG — South Africa ’s justice minister on Friday denied corruption allegations against her related to a mutual bank scandal in which thousands of retirees lost their life savings.
Police investigations showed that money held by the bank was used to purchase luxury houses and vehicles, among other things, and to distribute financial gifts to various people and organizations, including political parties. She is alleged to have received a “loan” to purchase a coffee shop from a company accused of receiving kickbacks for brokering unlawful investments for VBS from South African municipalities, including the Polokwane municipality where she was mayor at the time.
She denied any conflict of interest regarding the investigations into VBS’ collapse and her responsibilities as a minister.
Corruption General News Politics Business F Scandals I World News Retirees Cyril Ramaphosa
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