7 November 2018

South Africa: VBS Mutual Bank - When Politics Trumps Protecting the Poor

Photo: VBS Mutual Bank
The VBS Mutual Bank website (file photo).
analysis

On Tuesday the ANC parliamentary caucus was briefed on the VBS Mutual Bank discussions at the weekend ANC special National Executive Committee (NEC). The impact of the VBS saga on ordinarily people was affirmed there with 'dismay', and it was re-affirmed that "those found guilty of wrongdoing must face the wrath of the law".

The NEC agreed to refer the work done by the integrity commission regarding those ANC members implicated in the VBS saga to the National Working Committee, with its focus on smaller day-to-day operations.

These include Limpopo ANC Deputy Chairperson Florence Radzilani, the mayor of the Vhembe district council that deposited R316-million in VBS in contravention of the Municipal Finance Management Act, and ANC Limpopo Treasurer Danny Msiza, who has filed a legal challenge against the South African Reserve Bank-commissioned report that named him, Radzilani and others among 53 people who received gratuitous payments from the mutual bank.

Also named in that report by Advocate Terry Motau, "The Great Bank Heist", was Brian Shivambu, brother of EFF Deputy President and Chief...

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