FILE: Limpopo Premier Stan Mathabatha. Picture: EWN

Limpopo Premier Stan Mathabatha has announced the suspension of municipal managers and chief financial officers in several Limpopo municipalities which illegally deposited money with the VBS Mutual Bank.

The premier confirmed that government’s initial report shows 10 municipalities invested about R1.2 billion in the bank.

He says three of the 10 municipalities received their money paid back from the bank with interest.

The Reserve Bank released a report titled The Great Bank Heist which revealed R1.8 billion was looted by the bank’s executives, politicians and a former partner at auditing firm KPMG.

EWN