South Africa: EFF Rejects Any Moves to Shut Down VBS Mutual Bank

press release

We reiterate we reject, catergorically, any suggestion and move to shutdown VBS Mutual Bank. The reported amount that has been lost in VBS Mutual Bank is R1.9 billion. We know that African Bank had lost close to R80 billion, yet it was bailed out by government and other banks.

We call on all efforts to be focused on saving this bank of the black, poor and rural masses of our people. This must be done to ensure that the financial sector does not remain white dominated and untransformed.

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