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Municipalities likely to lose R1.8bn of taxpayers' money over VBS heist

Speaking on the 'Eusebius Mackaizer Show' on 702, he said municipalities in Limpopo, North West, and Gauteng would likely lose about R1.8 billion of taxpayers’ money as a result.

FILE: Auditor-General Kimi Makwetu. Picture: Christa Eybers/EWN.

JOHANNESBURG - Auditor-General Kimi Makwetu said the biggest impact of the VBS Mutual Bank collapse would be the delay to infrastructure, as new disbursements needed to be implemented.

Speaking on the Eusebius Mackaizer Show on 702, he said municipalities in Limpopo, North West, and Gauteng would likely lose about R1.8 billion of taxpayers’ money as a result.

The money was invested during 2017-2018 financial year.

“Our report quantifies the total amount according to the accounting records to about R1.8 billion – R1.2 is in Limpopo, R500 million in North West – and two other municipalities in Gauteng,” Makwetu said.

The Auditor-General said while the investments didn’t comply with the municipal regulations, the impact would be felt mostly at essential service level.

“Our report identifies that which suffered and shows that if it has to be done, it has to go back to the queue and wait for new money,” he said.

Makwetu’s report said due to the pending liquidation process, recovering the investments was highly unlikely.