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EMLM confirms capital investment withdrawal with VBS Mutual Bank

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GROBLERSDAL – Elias Motsoaledi Local Municipality (EMLM) confirmed the total amount which the local municipality invested with VBS Mutual Bank was withdrawn.

The local municipality said it previously invested with the bank and that the entire capital amount that was invested was withdrawn and that only an amount of R48 247, relating to the interest, was not received.

Simon Makua, EMLM Communications Officer, said in a statement that the amount was also disclosed under the note of 10 of the 2017/18 Annual Financial Statements (AFS).

The statement further read to this end, the municipality conformed that no financial loss was experienced on the invested capital.

Furthermore, the municipality said that no service delivery programs or projects were negatively affected by the investment.

The local municipality concluded that community members who sought further information on the matter could visit the office of the Municipal Manager, Ramakgahlela Maredi during offices hours.

The local municipality had initially invested R190 million with the bank, that has now being placed under curatorship.

Makuwa said all the capital R190 million was withdrawn from the bank and only R48 247 relating to interests was outstanding.

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COMPANY BACKGROUND Sekhukhune Times was founded in 2015 for the purpose of providing Sekhukhune community and businesses with quality news. The business is operated within the Sekhukhune district municipality which consist of four municipality namely Fetakgomo Tubatse Local Municipality, Ephraim Mogale Local Municipality, Makhuduthamaga Local Municipality and Elias Motsoaledi Local Municipality . Sekhukhune Times help the readers to become aware of their surroundings from social life, to the news happening in the community and also not forgetting what’s happening on the outside world’ it brings you all the news in a convenient and simple language that community can understand and It is released every Thursday and distributed through various mine, shops, , pubiic institutions and in schools. Complimentary copies are distributed to advertisers. The publication is also available online www.sekhukhunetimes.co.za Sekhukhune Times bring you all the news you need to know about the community, events coming up, speeches and also some tips on surviving student life as well as anything which you feel could be beneficial to students voicing out their opinions. MISSION . To became a cross border publication that will link young people from all corners of the world. . To became a source of information to the youth and community in general. .To became a tool for businesses big and small to market their products. .To serve as a communication tool for businesses, government, school and communities in general. .To offer jobs to young people and thus participate in eradicating unemployment, which is a major contributor to increase in crime, AIDS and poverty in our communities. .Provide auxiliary services such as printing, layout and design and photography for other institutions. . Sekhukhune Times is committed to providing the client with a quality product at competitive price within schedule. . At all time we will address and service the customers, requirements, comply with specifications, standards and technical requirements, act ethically and with dignity

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