South Africa 11.10.2018 10:51 am

DA to lay criminal charges against the alleged VBS looters and beneficiaries

A closed VBS Mutual Bank branch, 9 July 2018. Picture: Facebook

A closed VBS Mutual Bank branch, 9 July 2018. Picture: Facebook

The party says all individuals implicated in the looting of VBS Mutual Bank must be investigated to the fullest extent of the law.

The Democratic Alliance (DA) said in a statement on Thursday that its members of parliament (MPs) Kevin Mileham and Solly Malatsi, the party’s national spokesperson, will lay criminal charges against the 50 individuals who allegedly syphoned billions from VBS Mutual Bank.

The charges follow the damning forensic report by the South African Reserve Bank (Sarb) titled ‘VBS Mutual Bank – The Great Bank Heist’, which was released on Wednesday.

The report named more than 50 individuals who allegedly looted the bank for their own personal financial gains and it recommended that criminal charges be brought against them.

“Some of these individuals have close ties with political parties such as the ANC and the EFF and no doubt shamelessly abused their political connections to steal from the poor.

“The DA is of the view that all those who have been implicated in the looting of VBS Mutual Bank must be investigated to the fullest extent of the law.”

The main opposition said in July it had sent a letter to the EFF asking questions about the VBS scandal but it never received a response from the red berets.

Advocate Terry Motau was appointed by the Sarb to probe the collapse of the mutual bank that was placed under curatorship.

Motau called for the prosecution of the illegal beneficiaries and that urgent steps must be taken to wind up the failed bank.

“It seems clear to me that there is no prospect of saving VBS. It is corrupt and rotten to the core. Indeed, there is hardly a person in its employ in any position of authority who is not in some way or other complicit.”

For more news your way, download The Citizen’s app for iOS and Android.

 

today in print