Senior Limpopo municipal officials who were behind the investment of public funds in the Venda Building Society (VBS) will have to pay back the money.

According to the National Treasury, up to R900-million from VBS disappeared due to fictitious deposits or untraced lending.

The Limpopo government yesterday directed the provincial treasury to immediately commence with a forensic audit to determine whether the eight municipalities flouted any legal provisions when they invested funds with VBS.

Government spokesman Phuti Seloba said: “When the treasury has completed with the forensic investigations, those implicated will have to pay back the money.

“We are going to refer the report to law enforcement agencies who will do everything in their power to recoup almost a billion rand.”

Leave a Reply

Your email address will not be published. Required fields are marked *

error: Content is protected !!