The Great Bank Heist: How VBS bought the silence of two key PIC officials

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By Pauli van Wyk

While politicians used colourful rhetoric to iron out the VBS-creases in parliament and on the streets, the bank’s administrators bought the silence of two PIC-officials tasked with safeguarding the fund manager’s investment. This is the story about Dan Matjila’s right-hand men – executive head for legal counsel, governance and compliance Ernest Nesane and executive head of risk Paul Magula – and how they personally benefitted from the VBS robbery.

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