NAMA National | CSOS and VBS Bank | Mail & Guardian Article

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Dear Members,

On the 25th of May 2018, EYS Inc. Attorneys (EYS) on behalf of NAMA submitted an application in terms of the Promotion of Access to Information Act, Act No. 2 of 2000 (PAIA Application) to access information from the Community Schemes Ombud Services (CSOS) concerning the administration, bookkeeping and financial management of the Community Schemes Ombud Service (CSOS) with specific reference to Investment of contributions and Annual Financial Statements (AFS).

On Wednesday, 6 June 2018 NAMA delegates met with the office of the Chief Ombud to discuss various matters amongst other the PAIA Application for access to financial information from the office of CSOS.  The NAMA delegates were furnished with the 2017 CSOS Report which included the AFS for February 2017 and advised to await a further response to the PAIA Application.  It was further indicated that the AFS for 2018 will be completed towards end June 2018.

On 8 June 2018, the attached article was published in the Mail & Guardian with regard to an alleged un-authorised investment of R80-million in the controversial VBS Mutual Bank, currently under curatorship, by CSOS (please access the link to read the full story).

Although we cannot assume that community schemes contributions are involved we remain concerned and will continue to follow up on the actions noted above.

NAMA is in consultation with EYS Inc. following this publication and will communicate the best course of action to take under the circumstances.

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