PIC money went into unmonitored VBS loans
(World News South Africa)

A R350m credit facility that the Public Investment Corporation (PIC) extended to VBS Mutual Bank in 2015 was used to hand out special `loans` to clients, who were not monitored for repayment. Officials at the bank also created fake loan applications using the information of existing clients to justify drawing down on the PIC funds, which were then used to plug the growing cash hole in VBS. Details of the defrauding of the PIC form part of the report by advocate Terry Motau on the collapse of VBS, commissioned by the...