FTLM to be placed under administration

FTLM to be put under administration

BURGERSFORT – The Fetakgomo Tubatse Local Municipality is expected to suspend its MM NP Busane and CFO Frank Maredi at a council sitting to be held next Monday. This is according to Limpopo Premier  Stan Mathabatha. He was speaking during a press conference  in Polokwane. The cash-strapped municipality will also be placed under administration.

The council has been struggling  to pay salaries and has since suspended major projects as result of cash flow crisis caused by its investment of millions of rand into the collapsed VBS Mutual Bank.

Mathabatha  confirmed  the provincial government will soon take over the municipality. It had illegally invested more than R220 million  into the mutual bank.

  AUTHOR
Gilbert Motseo

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