Ex-PIC employees debarred from financial sector

The PIC inquiry heard two former officials were debarred from the financial industry after involvement in corrupt activity at VBS Bank.

JOHANNESBURG - Two former PIC executives implicated in the looting of VBS Mutual Bank, have been debarred from the financial services industry.

Felicity Mabasa from the Financial Sector Conduct Authority testified at the PIC inquiry about the status of the ex-employees' status in the industry.

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Ernest Nesane and Paul Magula were silenced with bribes to conceal corruption at VBS.

The PIC had entrusted the pair to safeguard the state asset manager's stake in the now defunct bank.

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Mabaso testified: "The two gentlemen that you're referring to have already been debarred from the financial services industry... financial system or not."