PIC welcomes former execs being declared delinquent directors for role in VBS looting

Two former PIC executives, implicated in a report into the looting of the VBS Mutual Bank, have been declared delinquent directors. File Photo: IOL

Two former PIC executives, implicated in a report into the looting of the VBS Mutual Bank, have been declared delinquent directors. File Photo: IOL

Published Aug 26, 2019

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CAPE TOWN - Two former Public Investment Corporation (PIC) executives, implicated in a report into the looting of the VBS Mutual Bank, have been declared delinquent directors, the asset manager said on Monday.

In a statement, the PIC welcomed the order handed down by the Pretoria High Court on August 20 declaring the two former directors delinquent.

"The PIC brought an application to have the former executive head for legal counsel, governance and compliance, Mr Ernest Nesane, and the former executive head for risk management, Paul Magula, declared delinquent following an investigation into the collapse of VBS mutual bank that directly implicated them in corrupt activities," the statement said.

Nesana resigned two days after he testified before Terry Motau, who led the investigation into the collapse of VBS on behalf of the South African Reserve Bank. 

Magula was dismissed in April 2018 following a disciplinary process. 

- African News Agency (ANA) 

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