VBS Bank: A scam of biblical proportions
Political parties and civil organisations have requested that government act swiftly against those implicated in the VBS Mutual Bank scandal.
Fifty-three individuals have been mentioned as the looters of millions of rands at the Limpopo based bank.
The forensic report by the South African Reserve Bank (SARB) lays bare the involvement of government officials and other individuals in the collapse of the bank.
The damming report titled "VBS Mutual Bank - The Great Bank Heist" compiled by advocate Terry Motau details the rot in the bank which ran too deep to salvage the institution.
Close to R2 billion of municipal and taxpayers' money were looted.
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Political parties and civil organisations have now demanded that law enforcement agencies act immediatly against those implicated.
"It's a scam of biblical proportions," says the DA's Kevin Mileham.
Mileham says the party will be laying criminal charges against the individuals.
The ANC has called for the establishment of a specialised unit within the SARB to "speedily process the recommendations from this report".
"The report points towards grave abuse of authority and office as well as worrying instances of corruption," says spokesperson Pule Mabe.
The EFF criticised the SARB for only noticing the demise of the bank recently. The report dates to corruption as far back as 2015.
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"We call on the SARB to review its ability and mechanisms to monitor banks as the failure of VBS is inadvertently the failure of the SARB itself to protect ordinary citizens from being scammed by institutions masquerading as banks under its watch," reads a statement from the party.