South Africa: Tito Mboweni Comes to Parliament to Talk VBS Scandal and Multiple Failures That Made It Possible

President Cyril Ramaphosa congratulates new finance minister Tito Mboweni after his swearing-in (file photo).

Finance Minister Tito Mboweni said on Tuesday that it was 'a huge concern' that South Africa was failed by VBS Mutual Bank external auditors - a clear reference to KPMG, which again finds itself amid scandal - but also the internal auditors, the bank's board compliance committee and a host of others, who should have spoken up and did not.

Mboweni's comments in Parliament were unusually candid. Now law enforcement agencies should act 'with speed, no dilly-dallying', he added, as must political parties, 'to deal with their members who are found wanting'.

EFF Deputy President and Chief Whip Floyd Shivambu missed Tuesday's meeting of the finance committee for obvious reasons - the VBS fightback was on at EFF HQ. At that press conference to respond to the South African Reserve Bank (SARB) report by Advocate Terry Motau, SC, and Werksmans which outlined looting of R2-billion, the EFF said it was nothing but a smear campaign to say that either the EFF or Shivambu got any money in any untoward way from VBS Mutual Bank.

Action would be taken if anything was proven....

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