The VBS Saga continues

10 September 2018  Read: 95


The South African Communist Party in Limpopo has vowed to press charges against the former directors of the now defunct Venda Building Society (VBS), Government senior officials and members of the Provincial Executive Committee (PEC) of the ruling ANC for their role in the collapse of the bank.

SACP Limpopo spokesperson, Machike Thobejane, said they want the bank to be rescued and instead the directors of the bank who allegedly looted about R1.5 billion from the bank, be prosecuted. He said that with elections around the corner, lack of action on the defunct bank will send a wrong message to the electorates that it is right to defraud the poor.

“It is worrying that the only bank which was black owned and in which millions were invested in by the poor, could just be looted and it be treated as if nothing happened. We want action be taken against the directors of the bank who shared the R1.5 billion. We want them to be arrested together with the members of the Provincial Executive Committee (PEC) who are implicated in the crisis,” said Thobejane.

“We are busy conducting our investigation into the matter and when it was completed we will approach the law enforcement agencies with concrete evidence. Thereafter the matter will be taken up with the ruling party. Though some of the names are known to the public, we will when they are officially charged, ensure that disciplinary action is taken within the organisation.”

The call comes at a stage when there is currently efforts launched within the Limpopo PEC to convince the national office of the ANC to rescue the bank by converting it into a provincial bank. The aim is then to have this bank managed by the struggling Limpopo Economic Development Agency (LEDA).

— Jan Mafetsa



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