VBS Mutual Bank collapsed six years ago but remains in the spotlight. Recently, an affidavit from its former chairperson, Tshifhiwa Matodzi, surfaced, potentially implicating many involved in the bank’s fraudulent activities. Additionally, a joint investigation by Daily Maverick and News24 on Monday 26 August 2024 exposed that Minister of Justice and Constitutional Development, Thembi Simelane, received over half a million rand from an organisation linked to VBS’s downfall.
VBS Mutual Bank collapsed six years ago but remains in the spotlight. Recently, an affidavit from its former chairperson, Tshifhiwa Matodzi, surfaced, potentially implicating many involved in the bank’s fraudulent activities. Additionally, a joint investigation by Daily Maverick and News24 on Monday 26 August 2024 exposed that Minister of Justice and Constitutional Development, Thembi Simelane, received over half a million rand from an organisation linked to VBS’s downfall.
In a big moment for South Africa, where top politicians have long evaded serious scrutiny, the Hawks executed a search and seizure warrant on the former personal assistant of justice minister Thembi Simelane on Friday 30 August. Simelane however, insists she is not being investigated.
By Pauli van Wyk (Daily Maverick) and Kyle Cowan (News24)
The Hawks have launched a corruption and money laundering probe into justice minister Thembi Simelane.
By Pauli van Wyk (Daily Maverick) and Kyle Cowan (News 24)
The justice minister holds too crucial a position to have a cloud of corruption hanging over her head. She must dispel any notion of compromise or the President must remove her without delay.
By Judith February
Justice Minister Thembi Simelane took a loan of more than half a million rand from a company that brokered unlawful investments of R349-million into VBS Mutual Bank by the Polokwane Municipality while she was mayor of the city in 2016.
By Pauli van Wyk (Daily Maverick) and Kyle Cowan (News24)
Deputy President Paul Mashatile caught between luxury property, a shiny diamond and a hard place
The ANC’s National Executive Committee broke for an hour on Sunday to deliberate on allegations of impropriety swirling around Deputy President Paul Mashatile and Human Settlements Minister Thembi Simelane.
Flying too close to the sun(s) — Floyd Shivambu, SA’s political Icarus, whose wings are tied with VBS strings
Floyd Shivambu is politically vulnerable, having fallen foul of both Jacob Zuma and Julius Malema, with the stink of the VBS scandal still clinging to him.
The Mkhize farm debacle – what else lurks in Ithala’s loan books?
The SA Reserve Bank’s Prudential Authority wants to liquidate KZN-based Ithala SOC amid major concerns over the state-owned lender’s finances. In this piece, Scorpio unpacks the recent court application before examining a questionable Ithala loan.
Watch – The Luxury Life of Thembi Simelane: Designer Shopping, Cash Properties & Disney Trips
Polokwane’s mayor, Justice Minister Thembi Simelane’s lavish lifestyle raised serious questions. With designer shopping sprees and cash property purchases, her expenses far exceeded her official salary. Follow our three-part investigation as we trace every cent of Simelane’s money trail from 2016 to 2020, revealing the gap between her income and her luxury spending.
Daily Maverick’s 2024 highlights reel — here’s how we’ve been working for you this year
It’s that time of the year when everyone is taking stock of what has been achieved in 2024, whether it’s your child’s school report or your company’s year-end review. Here at Daily Maverick, it’s no different.
Ramaphosa’s Cabinet ‘reshuffle’ reveals his political impotence
President Cyril Ramaphosa’s decision to move Thembi Simelane from her position as justice and constitutional development minister while retaining her in Cabinet raises questions about his political will and power. If he cannot act against someone against whom there is compelling evidence of wrongdoing, then when can he act? His power base in the ANC could be more fragile than previously thought.
Critical watchdog roles that auditors and forensic investigators must play
If fraud, corruption and financial misconduct are to be addressed proactively and holistically, there should be statutory consequences for all the role-players, including internal auditors, audit committees and board members.
Dondo Mogojane steps down from GEPF and Moti group roles under cloud of VBS corruption allegations
In a brief statement last night, the National Treasury announced that Dondo Mogojane would be stepping down from his role as chairman of the Government Employees’ Pension Fund.
Celebrating 15 years — a tribute to truth, tenacity and the community behind Daily Maverick
This year marks 15 years of groundbreaking journalism for independent news and investigations publisher Daily Maverick – a milestone achieved through the commitment of our journalists, dedicated staff and the unwavering support of our readers and the Maverick Insider community.
Daily Maverick journalists unpack the pillaging of VBS Mutual Bank:
The great bank heist: Malema, Shivambu, Matodzi, and the VBS scandal
The lifestyle and political aspirations of EFF president Julius Malema were also funded from the R16m robbed from VBS Mutual Bank. Scorpio’s investigation into the bank statements of VBS-beneficiary and slush fund Mahuna Investments show how the life savings of the poor and vulnerable VBS-depositors, as well as municipalities around the country, were transformed into school-related expenses for Malema’s son, and were used to pay for Gucci, Louis Vuitton and tailored suits from designer Linda Makhanya, a Polokwane party venue and the EFF. Scorpio can now reveal details of how at least R5.3m in VBS loot was siphoned off to Mahuna Investments, and how the bank card linked to this account followed Malema around the country, maintaining his personal lifestyle.
By Pauli van Wyk
From Our Archives - The Chronicles of Grand Azania Series
Floyd Shivambu’s slush fund Grand Azania paid over half a million rand for his wedding celebrations in April 2017. The company, legally owned by his brother Brian, received R6.16-million in loot from VBS Mutual Bank and R8.74-million in dodgy cash from at least 15 additional sources. Scorpio’s investigation shines a spotlight on how Shivambu solicits and then directs dodgy cash towards a front company he ultimately controls and benefits from.
By Pauli van Wyk
Floyd Shivambu’s slush fund Grand Azania paid over half a million rand for his wedding celebrations in April 2017. The company, legally owned by his brother Brian, received R6.16-million in loot from VBS Mutual Bank and R8.74-million in dodgy cash from at least 15 additional sources. Scorpio’s investigation shines a spotlight on how Shivambu solicits and then directs dodgy cash towards a front company he ultimately controls and benefits from.
By Pauli van Wyk
EFF deputy president Floyd Shivambu’s rental leasing contract and deposit for an upmarket home in Bryanston, Johannesburg, was signed and paid for by a Limpopo businessman whose business has been hamstrung by alleged political interference, papers filed in the magistrate’s court in Randburg show. Yet Shivambu officially told Parliament he had nothing — no gifts, benefits, shares or businesses — to declare. It is a misrepresentation of the truth — an act of fraud that may land him some jail-time.
By Pauli van Wyk
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