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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

Comments

Mike Lawrie Jul 30, 2024, 08:38 PM

Journalists who can't write?

Auke Van Der Meulen Van Der Meulen Jul 30, 2024, 09:21 PM

Mmm! Pauli v Wyk- she can write ok!

jcdvil Jul 30, 2024, 10:13 PM

Maybe he prefers writing over videos,but they sure can write

superjase Jul 31, 2024, 10:10 AM

pauli can write. but journalism isn't restricted to writing. there are plenty of pauli's written articles on this subject. having video, which these days is a far preferred way of ingesting content, serves a wider audience. i myself prefer written, but i am under no illusion that most people do.

Penny Philip Jul 31, 2024, 10:38 AM

The definition of a journalist isn't restricted to someone who 'writes'. The world is moving away from written articles to the podcast format. Pauli van Wyk does both.

Graeme Jul 31, 2024, 12:02 PM

Don't show yourself as an ignorant peasant.

Steve Daniel Jul 30, 2024, 09:11 PM

Sooooo tired of expôses leading nowhere.

Fanie Rajesh Ngabiso Jul 30, 2024, 10:28 PM

Thank you. This is so very important. Keep pushing, keep exposing. I know with absolute certainty that it hurts Julius, Floyd and and the rest and it hurts them hard, even if they are not yet enjoying their stays in the prisons in which they undoubtedly belong. Thank you again for saving us all.

tmokotong25 Jul 31, 2024, 06:23 AM

Now can we get more on Phala Phala, we tend to be dwelling more into smaller matters while pushing the bigger ones under the rug. It's as if the media is being channeled to report on certain issues but others to drive a narrative.

Steve Davidson Jul 31, 2024, 07:07 AM

The truth hurts about your crooked EFF heroes, hey? Even if the Phala Phala story is true, Cyril didn't steal it from the poor whose money was in the VBS bank.

Penny Philip Jul 31, 2024, 10:44 AM

VBS is a 'smaller matter'? Try explaining that to the individual depositors & pension holders who lost their money. They are of no consequence to you?

Trenton Carr Jul 31, 2024, 11:17 AM

"smaller"

Captain Grumpy Jul 31, 2024, 12:51 PM

Yes, you will find that 2 is smaller than 500. No need to worry about the pesky zero multiplier at the end.

Fanie Rajesh Ngabiso Jul 31, 2024, 02:44 PM

So because -you believe - something is less wrong, it is therefore right? My children have the same narrative.

D'Esprit Dan Aug 1, 2024, 11:14 AM

Phala Phala (whilst disgusting) was what? R10 million in total? At best? VBS is over R2bn, stolen from the poorest and most vulnerable by scum for their personal pleasure. Grind them down, drive them into prison, take all their belongings. Never release them.

Michael Ash Jul 31, 2024, 06:46 AM

An excellent summary of the status to date. The EFF (Malema and Shivambu) has repeatedly stated that they would step aside if guilty of corruption - let the process of criminal charges begin and see how he defends himself in court.

Andrew C Jul 31, 2024, 07:09 AM

Great work! Thank you for exposing these crooks. The arrogance of wearing red overalls to symbolise their concern for workers while living a champagne lifestyle at the direct expense of these same workers is appalling.

Dennis Bailey Jul 31, 2024, 07:53 AM

With a 20 year wait on the highest courts process none of these okes will see jail time even if proven guilty.

ntsakosmgwe 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

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!

Rodshep 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?

mgwenarisima Aug 1, 2024, 04:11 AM

Thieves are in the vineyard trying to steal the harvest