South Africa: SACP Suspends Limpopo Secretary Over R60m VBS Investment

Photo: VBS Mutual Bank
The VBS Mutual Bank website (file photo).
9 November 2018
Daily Maverick (Johannesburg)
analysis By Greg Nicolson

As pressure mounts on political parties to act against those implicated in the VBS saga, the SACP has suspended its Limpopo Secretary Gilbert Kganyago who invested R60-million in the bank while he was mayor of Capricorn District Municipality. The ANC could take a lesson from its alliance partner.

SACP Limpopo spokesperson Machike Thobejane confirmed on Friday that the party had suspended its Provincial Secretary Gilbert Kganyago, who is implicated in the alleged R2-billion looting of VBS Mutual Bank during his time as mayor of Capricorn District Municipality.

"The name of the Communist Party has been seriously dented. It's been put into disrepute," said Thobejane.

The SACP is campaigning for the ANC in the 2019 elections and Thobejane said Kganyago cannot be the face of a party that stands against corruption and for improved service delivery for the poor and working class.

"We can't send that message with a secretary that's implicated in a scandal like...

Read the full story on Daily Maverick.

More on This
South African Court Orders Liquidation of 'Insolvent' VBS Bank
VBS Looting Scandal 'A Huge Concern' - Finance Minister
Ramaphosa Must Come Clean on VBS Bank Scandal - Opposition Leader
Top Names in 'The Great Bank Heist' at VBS Mutual
South Africa's VBS Mutual Bank Placed Under Curatorship
Lifestyle of South Africa's Malema Funded by Stolen Millions?
Reserve Bank Frowns on Move to Buy VBS Bank
Tagged:
Copyright © 2018 Daily Maverick. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

See What Everyone is Watching

More From: Daily Maverick

Most Popular
South Africa
Southern Africa
Business
Governance
Investment
across allAfrica.com
Don't Miss
Uganda: Kampala-Entebbe Expressway, World's Most Expensive Road?
Zimbabwe's VP Chiwenga Reveals Disease That Took Him to China
Jesus Visited Africa This Weekend, And There's Video to Prove It!
South Africa Does It Again - Zozibini Tunzi Wins Miss Universe
Tanzanian Tycoon Ali Mufuruki Dies in South Africa
Shipping Company's Nigerian MD Attacked, Wife Killed

AllAfrica publishes around 700 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.