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VBS Bank saga: 'I was just doing my job when I signed off on the deal'

Precious Mathebula says it was not the first time that the Greater Giyani Municipality deposited money with VBS and recalls his role in the initial agreement.

The Greater Giyani Municipality deposited almost R160 million, money which will never be recouped. Picture: EWN

GIYANI - Former Greater Giyani acting municipal manager Precious Mathebula insists he didn't know it was illegal to invest in VBS Mutual Bank, saying he was just doing his job when he signed off on the deal.

The Limpopo provincial executive committee wants municipal managers and chief financial officers of municipalities implicated in the VBS Bank scandal to be suspended.

Mathebula says the municipal council, the mayor and the financial officer at the time knew about the agreement with VBS Bank and had no objections.

The municipality deposited almost R160 million, money which will never be recouped.

Mathebula says it was not the first time that the Greater Giyani Municipality deposited money with VBS and recalls his role in the initial agreement.

“I signed off on that particular investment which was for six months. That particular investment expired, and the money was returned to the institution.”

He says as far as he is concerned, there was nothing wrong with his conduct.

“My understanding was that the CFO, as it was not the first time he was doing an investment of this type, I was sure that he understood fully the compliance in relation to those particular investments.”

He has been suspended from his current municipal position along with the chief financial officer, both accused of mismanaging funds and illegal conduct.

(Edited by Winnie Theletsane)

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