Op risk data: South Africa’s VBS Bank in $100m fraud loss
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The largest loss relating to operational risk during July occurred at VBS Mutual Bank in South Africa. The bank’s directors, and directors of its major shareholder, are reported to have defrauded VBS of 1.52 billion rand ($112.5 million) by entering fictitious deposits, withdrawing funds from the bank for their own purposes and even bribing officials at state-owned institutions.
According to a former treasurer of VBS, the directors paid bribes to politicians and senior officials of public
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