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15 October 2018

South Africa: Schadenfloyde - EFF, VBS, and the Rot of the South African Body Politic

analysis

Julius Malema and Floyd Shivambu at a Media Conference in Johannesburg, August 23, 2018. (Photo by Gallo Images / Beeld / Deaan Vivier)

Banks fail. So do countries.

To the thought control tower: please let me out.

I'm trapped inside your head

-- Lesego Rampolokeng

I'm not sure if the Advocate Terry Motau SC-led investigative report into the catastrophic implosion of VBS Mutual Bank was designed to be a classic of South African literature, but it sure has turned out that way. Subtitled "The Great Heist", and flung into the political maelstrom on 10 October, the preamble reads as follows:

More than forty years ago the most daring heist in South Africa's banking history took place. A group of industrious thieves, led by the elusive Mister Nightingale, skilfully tunneled their way some twenty-one metres underground into the vault of the Standard Bank in Krugersdorp. The bold bank robbers withdrew the princely sum of R400,000. They disappeared with the loot and no arrests were ever made.

I have, for the past five months, investigated the sorry affairs of the VBS Mutual Bank. My report will reveal that the perpetrators of the heist at VBS made away with almost R2-billion. And they...

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