BANKING ON THE BRINK OF COLLAPSE: POSTBANK’S SHOCKING $12 MILLION FRAUD EXPOSED
Communications minister Solly Malatsi has blasted Postbank’s shocking $12 million fraud scandal, demanding that law enforcement authorities bring the perpetrators to justice.
The scandal, uncovered by a forensic report steered by KPMG, reveals a web of deceit and corruption that has ravaged the bank’s accounts, leaving vulnerable social grant beneficiaries and ordinary South Africans to pick up the pieces.
According to the report, fraudulent transactions at Postbank resulted in financial losses of a staggering R89.5 million during 2021-2022. The investigation, instituted by the communications department after anonymous allegations were made, has exposed a culture of theft and corruption that has gone unchecked for far too long.
As the Hawks investigation gets underway, Postbank’s officials, including deputy minister Mondli Gungubele, were grilled by Parliament’s Portfolio Committee on Communications and Digital Technologies over the scandal. The committee chairperson, Khusela Sangoni-Diko, vowed to follow up on the matter until the perpetrators are identified and punished.
Malatsi has slammed the scandal, calling it "repugnant" and a betrayal of the public trust. "What makes this cash theft even more disgusting is that some of this money was stolen from vulnerable social grant beneficiaries and ordinary South Africans who were saving for a better future. We will use the full might of the law to fight anyone who dares rob citizens."
The KPMG report has highlighted a range of governance and financial breaches at Postbank, which have been condemned by the communications department. The ministry has instructed Postbank’s board to implement the report’s recommendations, but it remains to be seen whether the bank can recover from this devastating scandal.
As the investigation continues, one thing is clear: the people of South Africa demand accountability and justice for those responsible for this heinous crime. It’s time for Postbank to answer for its mistakes and restore the public’s trust in the banking sector.
