VBS ‘revival’ is ANC’s plan to continue looting‚ says DA

Democratic Alliance flag.
Democratic Alliance flag.

The DA has described a purported plan by the ANC to rescue VBS bank as a “backhanded attempt” by the ruling party to continue looting.

Reports on Sunday indicated the ANC was considering political intervention to save VBS from liquidation by making it a provincial bank‚ to be run by the Limpopo Development Agency.

DA shadow minister of cooperative governance and traditional affairs Kevin Mileham said the DA questioned the possibility of the Limpopo provincial government being granted a banking licence at all.

“The fact remains that the forensic investigation into the VBS scandal must be completed as a matter of urgency‚ and should be done independently as this is the only way to ensure accountability.

"This is the same government that was once under national administration but now wants a failed bank to be converted into a provincial government bank so that comrades can continue looting.

“Limpopo has been worst affected by the ongoing VBS saga‚ with key members of the ANC Provincial Executive Committee‚ Treasurer Danny Msiza and ANCYL Secretary David Selan‚ being directly implicated. Any attempt to move VBS under the control of the Limpopo provincial government‚ would basically be giving them the keys to the vault and should not be considered‚” Mileham said.

He said the DA had already laid charges of fraud‚ racketeering and corruption against the executives of VBS Mutual Bank‚ municipal managers and chief financial officers of the affected municipalities and had tabled motions of no confidence against mayors of municipalities who had illegally deposited funds with VBS Mutual Bank.

“Instead of supporting efforts by Treasury to clean up our financial system following the VBS scandal‚ the ANC seems intent on keeping the ‘looting outlets’ open to appease its patronage networks who have no regard for the welfare of ordinary citizens.

“Residents in most municipalities that had made deposits with VBS bank experience poor service delivery on a daily basis due to chronic mismanagement. Under these circumstances‚ VBS must therefore not be ‘rewarded’ for aiding and abetting the misuse of public resources‚” MIleham said.

“The health of South Africa’s Financial sector must be protected by ensuring that this ill thought ANC plan to revive VBS is stopped before it sees the light of day‚” he added.

Would you like to comment on this article or view other readers' comments? Register (it’s quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.