Controversy continues to swell around mutual bank VBS and its associates. The latest allegations made by UDM leader General Bantu Holomisa involve Minister of Co-operative Governance Zweli Mkhize. This, as it has been announced that the 14 municipalities that invested with VBS Mutual Bank. Would have to enter the next financial year with shortfalls to the tune of their investment in the bank.
After the VBS Mutual Bank slid into a liquidity crisis, the Reserve Bank put it under curatorship in March this year. last week Co-operative Governance Minister Zweli Mkhize met with the 14 municipalities who invested a total of R1,5bn. The 14 municipalities can be found across North West, Limpopo and Gauteng.
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