Newsletter| An insurance group destroyed by its exposure to VBS Mutual Bank is going into liquidation – potentially destroying any hope of recovering R86 million in policies belonging to more than 63 000 truck drivers
An insurance group fighting liquidation and conflicting claims made in court papers are just some of the latest revelations
Startling and conflicting claims about dodgy deals and disappearing millions have now been made in court papers, with even the ownership of Bophelo seemingly being contested. She also suggests that Bophelo was prejudiced by unnamed “void and impeachable transactions”, but adds that only liquidators would have the power to investigate malfeasance.
But last week, Lebashe did an about-turn again and told City Press that “following a due diligence exercise and lengthy negotiations, Lebashe was not agreeable with the terms and opted to walk away from the transaction”. The structure of the loan was that Lebashe gave money to BIG – and BIG, in turn, lent the money to its subsidiaries.
Bophelo is one of a handful of companies in which the PIC itself has a share, as opposed to it investing other funds – such as government pensions – in companies, meaning pensioners are not affected.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ex-CSOS boss must answer for VBS cash🔒 Themba Mabuya, formerly the CSOS chief financial officer, is accused of investing R80-million of surplus funds unlawfully in an account belonging to VBS Mutual Bank.
Read more »
Old Mutual CEO says investor confidence fragile on land, debt concernsDespite weak growth outlook in SA Peter Moyo says group is confident it will reach its medium-term targets
Read more »
In Business: AngloGold’s mining rights under threat, battle to stop copyright bill, VBS claims more victimsIn City_Press Business today: AngloGold Ashanti threatened with loss of its local mining rights by department of mineral resources; VBS Mutual Bank claims another victim as an insurance group destroyed by its exposure to the bank is going into liquidation
Read more »
Top VBS man's mansion going under hammerLiquidators struggle to locate 'missing assets'
Read more »
No sign of Makhado mayor’s promised housing amid alleged VBS lootingTwo months before the end of the financial year, work on the sites has not begun.
Read more »
How mystery changes to a R350m VBS loan cost the PIC millions
Read more »