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CAS1501 Assignment 6 (COMPLETE ANSWERS) Semester 1 2024 (865417)- DUE 28 May 2024
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CAS1501 Assignment 6 (COMPLETE ANSWERS) Semester 1 2024 (865417)- DUE 28 May 2024
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, B.1.1.1 Using the CASE STUDY, COPY the FULL NAME of the bank as mentioned inthe text (not the headline) of the article.
ANSWER:
The full name of the bank mentioned in the text of the article is VBS
Mutual Bank. That is Venda Building Society.
B.1.1.2 From the CASE STUDY, in one full sentence summarise fully what happened to
the bank in 2018.
Answer:
In 2018, VBS Mutual Bank was declared insolvent and bankrupt, leading to
the defrauding of South African citizens and taxpayers out of
approximately R2 billion. This resulted in the bank being placed under
curatorship. A Reserve Bank report revealed that the bank operated in a
fraudulent and reckless manner, enriching its senior managers, politicians,
and some board members at the expense of its depositors. The bank’s
downfall was marked by the mismanagement and fraudulent activities
uncovered during a forensic investigation initiated by the Reserve Bank.
B.1.1.3 From the CASE STUDY, in one sentence summarise what was the wider
consequence to others mentioned in the article have been following what had
happened to the bank in 2018.
Answer:
The wider consequence to others mentioned in the article who have been
following what happened to the bank in 2018 was a loss of trust in the
auditing profession and heightened scrutiny of financial institutions'
compliance and ethical standards, leading to increased regulatory
oversight and calls for transparency and accountability within the banking
sector.
In conclusion, the VBS Mutual Bank scandal had far-reaching
consequences, impacting public trust in financial institutions,
regulatory oversight frameworks, auditing practices, and
socioeconomic well-being. It served as a wake-up call for
stakeholders across the financial sector to prioritize integrity,
transparency, and accountability in their operations.
B.1.2.1 Using the CASE STUDY, give the name and surname of the individual that the
article reports on
Answer:
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