DA to lay charges against VBS executives
The Democratic Alliance (DA) in Gauteng will lay charges of lay fraud, racketeering and corruption charges against VBS Mutual Bank executives on Friday.
VBS Bank was placed under curatorship earlier in the year, following allegations of mismanagement and fraud.
The bank’s executives allegedly looted more than R1.5 billion.
The DA's Adriana Randall says the charges will be laid against the bank’s majority shareholder, Vele Investments, in Sandton.
"We have since learned that they have lived the high life together with bank executives," says Randall.
Venda King Toni Mphephu Ramabulana has accused executives of leaving him with an R240,000 monthly bill after they allegedly used his name to secure money from the bank.
Randall believes the executives need to take responsibility for any mismanagement and fraud.
"This is serious, you cannot do this to your people if you are in government."