Today's Labour News

newsThis news aggregator site highlights South African labour news from a wide range of internet and print sources. Each posting has a synopsis of the source article, together with a link or reference to the original. Postings cover the range of labour related matters from industrial relations to generalist human resources.

limpopo thumb100 EWN reports that Limpopo Premier Stan Mathabatha has announced the suspension of municipal managers and chief financial officers in several Limpopo municipalities which illegally deposited money with the VBS Mutual Bank.  

The premier confirmed that government's initial report showed that 10 municipalities invested about R1.2 billion in the bank.  He said three of the 10 municipalities received their money back from the bank paid with interest.  The Reserve Bank has released a report titled ‘The Great Bank Heist’, which reveals that R1.8 billion was looted by the bank's executives, politicians and a former partner at auditing firm KPMG.

  • The original of this short report by Clement Manyathela is at EWN

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