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LISTEN: ‘Ramaphosa must act against VBS looting’

United Democratic Movement (UDM) leader Bantu Holomisa says President Cyril Ramaphosa must act swiftly against about 53 individuals implicated in the looting of VBS Mutual Bank.

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The extent of the looting was revealed in a report instituted by the South African Reserve Bank.


In the report, Werksman Attorney’s Advocate Terry Motau reveals that at least R2 billion was stolen from the Limpopo-based bank.

Some of the people implicated include the African National Congress (ANC) Limpopo treasurer Danny Msiza, who is described as the kingpin who facilitated bribes between municipal officials and the bank.


The ANC’s provinical spokesperson Donald Selamolelo said the party cannot comment but is studying the report. 


But Holomisa is adamant that Ramaphosa need to back up his vows to fight corruption.


“We hope that the government can assemble a team of law enforcement agencies to ensure that the monies of VBS are returned and those who have misused it are arrested and charged. We can no longer tolerate this nonsense of every day these expose are being read in newspapers without consequences.”

The report describes former ANC Limpopo Youth League leader, Kabelo Matsepe as a remunerated middleman who acted as a gatekeeper between VBS and municipalities and benefitted to the tune of at least R35 million.


Vele investments, which was one of the top players in the scandal, walked away with R936 million.


The report also mentions a Brian Shivambu, who is listed among the top beneficiaries of the scheme who benefitted R16 million.


Reports suggest that he is the brother of the Economic Freedom Fighters (EFF) Deputy President Floyd Shivambu.


However, this has not been confirmed.


Motau recommended that those implicated be criminally charged.


“I recommend that the entirety of this report, including its appendices, be made available to the relevant law enforcement authorities to enable the authorities to further investigate the crimes reported on and to seek the prosecution of the perpetrators. 243 I further recommend that the Prudential Authority inform the South African Revenue Services ("SARS") of the multitude of offenses and flagrant non-Investigator’s Report to the Prudential Authority 137 compliance with tax laws that have been uncovered in the course of this investigation to enable SARS to pursue both criminal charges and tax recovery against the offenders.”


The Democratic Alliance (DA) has also called on newly appointed Finance Minister Tito Mboweni to roll up his sleeves.

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