Gauteng municipalities, including the two involved in illegal investments in the collapsed VBS Mutual Bank, are expected to update the National Council of Provinces regarding the state of their finances this week.
The contentious VBS matter, in which municipalities were allegedly involved in a kickback scheme with the bank, is not officially on the agenda but according to parliamentary spokesperson Malatswa Molepo, the issue is bound to come up when chief financial officers are called to account. Last month, two reports by auditing firm Delloite, on investigations into West Rand district municipality and Merafong City, were made available to the public. The two municipalities invested R661 million and R50 million into the bank respectively.
At long last the real beneficiaries of VBS will be held to account.
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