The VBS financial statements painted a rosy picture while the bank was in actual fact insolvent.
VBS suspects appear in the Palm Ridge Regional Court, on 47 counts of fraud, racketeering, corruption, theft and money laundering.VBS Mutual Bank’s financial statements for the year ending in March 2017 were allegedly cooked, false and flawed in many respects, the indictment against those accused of stealing from the bank shows.
The 80-page indictment presented on Thursday morning by prosecutors in the Palm Ridge Regional Court, east of Johannesburg, shows the following: An asset described as “Loans and advances” in the sum of R1,081,831,081 was falsely inflated by an amount of R351,956,095; was falsely inflated by an amount of R261,308,970;
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