VBS Mutual Bank—lauded as the first bank in South Africa to be totally owned and managed by Africans—has collapsed after its owners stole all the cash and bribed government and local government officials into depositing money in the operation, an official inquiry set up by the South African Reserve Bank (SARB) has found.

According to the official report issued by the SARB, titled “The Great Bank Heist: Investigator’s Report to the Prudential Society,” the African owners at the VBS Mutual Bank “made away with almost R2 billion” in what it described as “a single criminal enterprise.”

VBS Mutual Bank became a mutual bank in 1992, and was listed on the South African Stock Exchange in 2017. It ran into what media called “liquidity problems” early in 2018, and was placed under curatorship in March this year.

The SARB report found that R1,894,923,674 (US$ 130 million) was transferred from the Bank to fifty three individuals between 15 March 2015 and 17 June 2018. According to the report, R16,148,569 (US$1.09 million) went to Brian Shivambu, younger brother of the anti-white Economic Freedom Fighter senior politician Floyd Shivambu.

Other cash went to local government officials in at least 15 regions as payments for switching banking facilities to the African-owned bank. Among those implicated are the African National Congress’s deputy chairman for the northern Limpopo province, Florence Radzilani, and that organization’s regional treasurer, Danny Msiza. (more…)

United States President Donald Trump has ordered his Secretary of State Mike Pompeo to “closely study” the South African government’s land seizures from white farmers.

“I have asked Secretary of State @SecPompeo to closely study the South Africa land and farm seizures and expropriations and the large scale killing of farmers,” Trump tweeted on Wednesday.

He was reacting to a segment on Fox News reporting on moves by South Africa’s government to begin the process of unilaterally seizing farms after negotiations with the owners to buy the properties stalled.

“South African Government is now seizing land from white farmers,” Trump tweeted, quoting Fox News host Tucker Carlson. (more…)

The South African government has begun the process of seizing land from white farmers.

Local newspaper City Press reports two game farms in the northern province of Limpopo are the first to be targeted for unilateral seizure after negotiations with the owners to purchase the properties stalled.

While the government says it intends to pay, owners Akkerland Boerdery wanted 200 million rand ($18.7 million) for the land, while the government was offering them just 20 million rand ($1.87 million).

“Notice is hereby given that a terrain inspection will be held on the farms on April 5, 2018 at 10am in order to conduct an audit of the assets and a handover of the farm’s keys to the state,” a letter sent to the owners earlier this year said.

Akkerland Boerdery obtained an urgent injunction to prevent eviction until a court had ruled on the issue, but the Department of Rural Development and Land Affairs is opposing the application.

“What makes the Akkerland case unique is that they apparently were not given the opportunity to first dispute the claim in court, as the law requires,” AgriSA union spokeswoman Annelize Crosby told the paper.

It comes as the South African government pushes ahead with plans to amend the country’s constitution to allow for the expropriation of land without compensation. (more…)