From the Mail & Guardian Online:

R1-billion was “looted” from the Land Bank, the Ministry of Agriculture and Land Affairs said on Wednesday.

“The amounts reported as ‘looted’ in the weekend newspapers are inaccurate,” said ministry spokesperson Godfrey Mdhluli.

Last week, the Sunday Times reported that top Land Bank officials had siphoned off more than R2-billion meant for farmers, to fund their close friends’ and associates’ ventures.

I know it’s double the amount, but is there really any pride or anything redeeming in saying “Well it wasn’t 2 billion that we ‘mismanaged’, it was actually only 1 billion”?