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Mahumapelo 'encouraged' NW municipalities to invest in VBS Bank - report

Mahumapelo allegedly invited the bank's representatives to make presentations at a conference which was attended by MECs, mayors and councillors.

FILE: Supra Mahumapelo announces his retirement as North West premier at Luthuli House in Johannesburg on 23 May 2018. Picture: @MYANC/Twitter

JOHANNESBURG – Former North West Premier Supra Mahumapelo has reportedly been implicated in a forensic report accusing him of pushing municipalities to invest in the VBS Mutual Bank before its collapse.

The Mail & Guardian is reporting on Friday morning that it has seen the report which was tabled in Tlokwe where the African National Congress (ANC) provincial task team met to discuss the bank scandal on Monday.

The North West executives council took a decision last month to take action against officials implicated in Advocate Terry Motau's 'Great Bank Heist' report which found that over 50 individuals and companies looted almost R2 billion from VBS Bank.

According to a forensic investigation, Mahumapelo "vigorously encouraged" municipalities to invest in the VBS Mutual Bank in March last year.

Mahumapelo allegedly invited the bank's representatives to make presentations at a conference which was attended by MECs, mayors and councillors.

Mail & Guardian investigations editor Thanduxolo Jika says the publication has seen the report.

“Why would then the municipalities deposit the money if there was no political will or political pressure from them to do so?”

Mahumapelo has strongly denied inviting the banks to this meeting.

At the same time, a disciplinary hearing for three top officials at the collapsed VBS Mutal Bank, including its CEO Andile Ramavhunga, is expected to get underway in Illovo this morning.

(Edited by Leeto M Khoza)

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