0
Your cart

Your cart is empty

Books > Social sciences > Politics & government > Political corruption

Buy Now

VBS - A Dream Defrauded (Paperback) Loot Price: R199
Discovery Miles 1 990
You Save: R81 (29%)
VBS - A Dream Defrauded (Paperback): Dewald van Rensburg

VBS - A Dream Defrauded (Paperback)

Dewald van Rensburg

 (sign in to rate)
List price R280 Loot Price R199 Discovery Miles 1 990 You Save R81 (29%)

Bookmark and Share

In stock. We should be able to ship within 24 hours. More are available from supplier.

Originally the Venda Building Society, VBS Mutual Bank was a small, little-known lender in Limpopo before it rocketed from obscurity in 2016 by giving President Jacob Zuma a controversial home loan to repay the state for improvements to his Nkandla homestead. The bank was growing rapidly and sold itself as a fearless champion of black advancement. Its owner, Vele Investments, was on a meteoritic trajectory towards becoming a financial conglomerate worthy of national attention.

When the bank abruptly went into curatorship in March 2018, no one had any reason to doubt that it was just another unfortunate corporate failure. Then the astonishing truth emerged: the collapse of VBS was due to an epic R2-billion fraud that had created Vele’s empire out of thin air and left the bank a hollow shell. VBS: A Dream Defrauded unravels the fraud, exploring how mastermind Tshifhiwe Matodzi and his associates first took control of VBS, fed off ANC patronage networks and operated under a nationalist mantle endorsed by Venda royalty. The book explains how the bank and its shareholder Vele were seemingly built into a multibillion-rand business; exposes the political machinations that guaranteed VBS up to R3.5 billion in unlawful funding from municipalities and other state institutions; and describes the free-for-all that ensued after the bank’s collapse when all involved tried to cover their tracks.

Written by one of the journalists who first broke the story, this is a compelling account of a bank heist whose shockwaves continue to haunt the politicians, businessmen and traditional leaders who enabled it

General

Imprint: Penguin Books
Release date: 6 October 2020
Authors: Dewald van Rensburg
Dimensions: 236 x 152 x 26mm (L x W x T)
Format: Paperback
Pages: 283
ISBN-13: 978-1-77609-544-5
Categories: Books > Social sciences > Politics & government > Political corruption
Books > Social sciences > Sociology, social studies > Crime & criminology > Organized crime > General
Books > Local Author Showcase > Politics
LSN: 1-77609-544-8
Barcode: 9781776095445

Is the information for this product incomplete, wrong or inappropriate? Let us know about it.

Does this product have an incorrect or missing image? Send us a new image.

Is this product missing categories? Add more categories.

Review This Product

No reviews yet - be the first to create one!

Partners