New book on VBS scandal exposes billionaire ‘Venda boys’ club

In 'VBS: A Dream Defrauded', Dewald van Rensburg digs into the roots of what would become one of SA’s most shameful chapters, the theft of the savings of thousands of people from VBS Mutual Bank — an institution that should have been a local success story

04 October 2020 - 00:00 By Dewald van Rensburg

The story of VBS Mutual Bank really starts with a group of friends in the late 1990s at what was then the Rand Afrikaans University (RAU). They would have been among the first black students at a bastion of Afrikanerdom that has since been renamed the University of Johannesburg.

A significant number of the main characters in the VBS saga met at RAU when they were accounting students. [Future VBS chair Tshifhiwa] Matodzi was there, alongside Maanda Phalanndwa, the man who would become his business partner and eventually his co-investor in VBS — and later his sworn enemy. ..

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