PRETORIA, 13 November – The African National Congress on Tuesday said that those who have been implicated in the VBS mutual bank scandal should face the full might of the law.
This comes after the North Gauteng High Court granted the South African Reserve bank a final order to their application to have the bank liquidated.
“We remain hopeful that despite the liquidation of the bank, depositors which include pensioners and other citizens, will find some kind of relief in the form of recovering their hard-earned monies deposited with the bank,” said the ANC’s national spokesman Pule Mabe.
The ruling party said it was unfortunate that the establishment of the bank, an initiative based on noble ideals, was undermined by individuals whose preoccupation was to line their own pockets at the expense of the poor.
An explosive forensic report described the VBS scandal as the “Great Bank Heist” and will serve as a departure point for criminal investigations.
It detailed the massive scale of fraud and corruption which took place since 2015 and was allegedly masterminded by some of the shareholders and senior officials of the bank. According to the report, they looted almost R2 billion after convincing several municipalities in Limpopo, North West and Gauteng to deposit large sums, in contravention of public finance laws.
– African News Agency (ANA)