VBS. Dewald van Rensburg
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VBS: A Dream Defrauded
Published by Penguin Books
an imprint of Penguin Random House South Africa (Pty) Ltd
Reg. No. 1953/000441/07
The Estuaries No. 4, Oxbow Crescent, Century Avenue, Century City, 7441
PO Box 1144, Cape Town, 8000, South Africa
First published 2020
Publication © Penguin Random House 2020
Text © Dewald van Rensburg 2020
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of the copyright owners.
PUBLISHER: Marlene Fryer
MANAGING EDITOR: Robert Plummer
EDITOR: Bronwen Maynier
PROOFREADER: Alice Inggs
COVER DESIGNER: Ryan Africa
INDEXER: Sanet le Roux
Set in 11 pt on 14.5 pt Minion
ISBN 978 1 77609 544 5 (print)
ISBN 978 1 77609 545 2 (ePub)
To Arya and Kahlil. Thank God for you.
Contents
1. The Accountant, the King and the Venda Elite
10. The Ghosts of Eagle Canyon
12. The Municipal Money Machine
16. On Top of the World Without a Parachute
21. ‘We Must Bow Out With Pride’
Abbreviations
AAF: Anglo African Finance
ABSIP: Association of Black Securities and Investment Professionals
ANC: African National Congress
ARC: African Rainbow Capital
ASA: Álvaro Sobrinho Africa
BBF: Bophelo Benefit Fund
BBS: Bhopelo Benefit Services
BIG: Bophelo Insurance Group
BSD: Bank Supervision Department
CA: chartered accountant
CEO: chief executive officer
CFO: chief financial officer
CIO: chief investment officer
CIPC: Companies and Intellectual Property Commission
COO: chief operations officer
CSOS: Community Schemes Ombud Service
DA: Democratic Alliance
EFF: Economic Freedom Fighters
FDC: Free State Development Corporation
FSCA: Financial Sector Conduct Authority
MFMA: Municipal Finance Management Act
MoU: memorandum of understanding
NPA: National Prosecuting Authority
NSFAS: National Student Financial Aid Scheme
PA: Prudential Authority
PEC: provincial executive committee
PIC: Public Investment Corporation
PRASA: Passenger Rail Agency of South Africa
RAU: Rand Afrikaans University
SACP: South African Communist Party
SAMWU: South African Municipal Workers’ Union
SAPS: South African Police Service
SARB: South African Reserve Bank
SATAWU: South African Transport and Allied Workers Union
SMMEs: small, medium and micro-enterprises
Introduction