Rational Perspective

Uncovering of the VBS scandal is a marvellous example of how the sophisticated, first world side of South Africa’s economy can be practically applied to the benefit of the entire nation. The plundering of a small mutual bank created in the Apartheid’s Venda homeland, was very third world in its application. Ditto the reaction of conspirators, whose defence was ignorance, or the concoction of obviously fabricated tales. But as the saga unfolds, it’s becoming increasingly obvious that kingpins Matodzi, Ramavhunga and Malaba and their VBS stooges like Truter, Nesane, Magula, Ramikosi and others plus a long list of elected municipal officials never stood a chance. It was as if they had a knife in a gun fight. Or bows and arrows when opponents possessed a Gatling gun. Lies and subterfuge by those who perpetrated industrial scale plunder of small scale savers and the deposits of municipal ratepayers, were smashed by a very first world tool – South Africa’s Financial Services Regulation Act. This potent act was