Mutual Bank under scrutiny for corruption.
One of the dodgiest deals undertaken by the corrupt VBS Mutual Bank was introduced by an ANC front company keen on taking a finder’s fee plus 10% in shares, in what was meant to be a R250-million deal.
VBS signed up to buy a 26% share in Insure Group Managers (IGM or Insure, for short) in December 2016 for R250m. IGM is an independent financial services company, providing premium handling services including debit-order collections, deposits and premium disbursements on behalf of insurers and brokers.
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