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VIDEO

Watch: The pillaging of VBS Mutual Bank – Daily Maverick journalists unpack the fraud at the heart of the bank’s failure

Although VBS Mutual Bank collapsed six years ago, it has been in the headlines this month following an affidavit by its former chairperson, Tshifhiwa Matodzi, that could well prove to be a smoking gun for many of the perpetrators of the fraud at the heart of the bank’s failure. In this video, journalists Pauli van Wyk and Neesa Moodley explain what happened.
Watch: The pillaging of VBS Mutual Bank – Daily Maverick journalists unpack the fraud at the heart of the bank’s failure Illustrative image: Economic Freedom Fighters (EFF) leader Julius Malema. (Photo: Gallo Images / The Times / Alon Skuy) | VBS Mutual Bank customers in queues outside the bank. (Photo: Antonio Muchave / Sowetan) | Nadine Hutton / Bloomberg via Getty Images
Neesa Moodley and Pauli van Wyk
By Neesa Moodley and Pauli van Wyk
30 Jul 2024
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Read more: Ex-VBS chair lifts the lid on how Julius Malema and Floyd Shivambu grabbed R16.1m from dying bank

Comments (10)

ntsakosmgwena@gmail.com Jul 31, 2024, 08:08 AM

Excellent investigative journalism. Keep on digging and exposing the culprits one is above the law especially politicians who ask for the support of the people they end up hurting and vehemently deny it. Everyone must be charged and be brought to book.

Murray Burt Jul 31, 2024, 08:22 AM

Well done Pauli, keep going. You are the reason I took out a monthly subscription to DM. 100% supporter

Graeme Jul 31, 2024, 12:30 PM

I hope that Pauli has around-the-clock armed protection, in the same that Julius and Floyd have protection.

Muishond X Aug 1, 2024, 12:16 PM

Julius and Floyd s protection provided by the state security infrastructure. This should be relooked at and withdrawn. We, the taxpayer, are funding this huge waste of resources.

Gert Witbooi Jul 31, 2024, 08:26 AM

Great work by the journalists.

Grumpy Old Man Jul 31, 2024, 08:41 AM

I like this medium - I think it's more powerful than the written word. When Pauli first wrote about VBS and EFF participation in the looting spree she suffered incredible personal attacks on Twitter from EFF supporters. The general level of discourse and argument was lowest common denominator stuff, mixed together with constant requests that Pauli provide 'proof' I think then what Pauli and Nessa are doing is addressing a particular social media audience and almost daring the EFF to sue them if they feel wronged - a fight which the fighters will do their damndest to avoid

Rae Earl Jul 31, 2024, 09:11 AM

Thanks DM. Pauli and her colleagues deserve the highest praise for courage and determination in their work for the desperately poor people who are forced to accept that Julius Malema is walking around in Louis Vuitton and Gucci wear purchased with their life savings. This is obscenity supreme!

Rodshep80@gmail.com Jul 31, 2024, 09:32 AM

Our courts are dysfunctional as is our NPA. So no need to hold your breath for either of them tto take action. Jail time never, it takes for ever to go through the courts. Another scandal swept under the carpets. Pay back the money time, tast of there own medicine.

Brendan Temple Jul 31, 2024, 09:45 AM

Incredible work Pauli, well done! We know they are rotten and now it's over to the NPA to prove they are impartial. These politicians are from the depths of Hell.

Moraig Peden Jul 31, 2024, 09:47 AM

Thank you Pauli and DM for consistently asking the questions

Con Tester Jul 31, 2024, 12:52 PM

The NPA's and Batohi's ongoing calls for patience are becoming tedious. She's clearly a weak leader and/or not interested in prosecuting Pope Julius and Cardinal Floyd for some reason. Nothing in law requires the NPA to prosecute all of the related crimes together. They could do so one at a time.

Lackson Qoto Jul 31, 2024, 02:18 PM

Well, proof beyond reasonable doubt.... wishing them lots of luck getting a conviction against Julius and Floyd.

Con Tester Jul 31, 2024, 02:32 PM

Does that mean that you think the evidence independently amassed by various investigative journalists and other investigators somehow leaves room for any reasonable doubt? If so, how?

mgwenarisimati@gmail.com Aug 1, 2024, 04:11 AM

Thieves are in the vineyard trying to steal the harvest