R2 billion siphoned off from Land Bank funds

[Dave A]

Top Land Bank officials have siphoned off more than R2-billion -- meant for farmers -- to fund their close friends' and associates' ventures, the Sunday Times reported.

The money was reportedly used for luxury golf estates, a sugar mill, equestrian estates and residential developments.

The fraud was revealed in a forensic audit by Deloitte, which was handed to the Cabinet this week by the Minister of Agriculture and Land Affairs, Lulu Xingwana.

It was reported that the extent of the fraud forced the Cabinet to call for the Land Bank board to be fired and for criminal charges to be brought against almost the entire top management, implicated in the investigation.

Xingwana is set to announce a new board this week.
full story from M&G here

I can't help wonder what a forensic audit of distribution of land claim funds would reveal? One land claim I'm aware of is decidedly suspect.

[Debbiedle]

I am so sick of all of this! Is there not one ethical person left in this country? Should we start walking around assuming that everyone with some sort of monetary wealth is decidedly crooked, unless proven otherwise?

[Vincent]

So criminal charges are to be laid, boards are fired - Is the R2-billion recovered or are the guilty slapped on the wrist and given other 'cosy' job

[Dave A]

Unless there were kickbacks involved, I'm not sure the board members got the money.

There is also the issue of interest - as I recall Land Bank rates are substantially below market rates. At least they used to be in the days they funded farmers.

[Graeme]

Crookery

Debbie: Inscribed on a tombstone in 1786 in New England, USA "...............and exercise caution in business affairs, for the world is full of trickery............." Nothing new. We just have to live with it.

[Vincent]

Interestingly the exact same words from Desiderata, a poem by Max Ehrmann, who lived from 1872 to 1945. The words are from the third verse, "... Keep interested in your own career, however humble;
it is a real possession in the changing fortunes of time.
Exercise caution in your business affairs;
for the world is full of trickery.
But let this not blind you to what virtue there is;
many persons strive for high ideals;
and everywhere life is full of heroism..."

The song was made popular by Les Crane in 1971 and it was claimed at the time that it was found in St. Paul's Church, Baltimore, Maryland and was written in 1692 (the year of the founding of St. Paul's). - a bit of trivia

Debbie: Inscribed on a tombstone in 1786 in New England, USA "...............and exercise caution in business affairs, for the world is full of trickery............." Nothing new. We just have to live with it.