South Africa: More than 50 employees clear their own bank

"The bank is rotten and corrupt", the investigators said
          Investigation report, which they titled "The big bank robbery" gave. From 2015 to 2018 there was a "wide range of criminal acts". The examiners speak of the South African Cooperative Bank VBS. There, according to the executive staff around 1.9 billion Rand (112 million euros) stolen by the financial institution. The study report published Wednesday by the South African Central Bank were a total of 53 people or organizations – including, for example, the Chief Financial Officer (CFO), Supervisory Board members and auditors of the Bank – would have cashed without consideration large withdrawals, it was said. In the last available annual report 2016, the bank had a total of just 87 employees. The payouts of the individual employees were very different. According to the report, some stole only 120,000 or 260,000 euros, others squeezed six or 19 million euros and on the account of a company, a whopping 55 million euros were transferred. VBS Bank was in acute liquidity crisis advised The criminal acts must now be cleared up by law enforcement, said a law firm commissioned by the Central Bank to investigate. The bank had to be wound up as soon as possible, so the lawyers. "There is hardly a person among the employees in positions of responsibility who were not involved in any way." The Cooperative Bank was placed under central bank receivership in March due to an acute liquidity crisis. Shortly thereafter, the strange debits had been noticed.

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