VBS - A Dream Defrauded
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
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