EMLM confirms capital investment withdrawal with VBS Mutual Bank

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Local Municipality (EMLM) confirmed the total amount which the local municipality invested with VBS Mutual Bank was withdrawn.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local municipality said it previously invested with the bank and that the entire capital amount that was invested was withdrawn and that only an amount of R48 247, relating to the interest, was not received.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Makuwa said all the capital R190 million was withdrawn from the bank and only R48 247 relating to interests was outstanding.