Op risk data: South Africa’s VBS Bank in $100m fraud loss

Top five events also include John Hancock, Deutsche Bank settlements. Plus PPI roundup. Data by ORX News

Johannesburg-skyline-0918.jpg
Johannesburg, South Africa’s financial centre

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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Risk.net? View our subscription options

Register

Want to know what’s included in our free membership? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here