Ramaphosa knew about VBS looting: report

President Cyril Ramaphosa knew about the looting at VBS Mutual Bank but did not act‚ according to a report.

City Press reported on Sunday that sources “close to a major VBS shareholder” had told the newspaper that the shareholder had informed Ramaphosa about what was going on.

“I know that the shareholder met with Ramaphosa‚ who was not president at the time. The shareholder briefed him about the outrageous corruption at VBS‚” the source was quoted as having told the newspaper.

The shareholder reportedly started blowing the whistle in 2016.

Presidency spokesperson Khusela Diko told City Press they had no records of such a meeting.

A forensic report released on Wednesday‚ titled “The Great Bank Heist”‚ detailed how the bank heist allegedly occurred. The bulk of the funds stolen were allegedly for the benefit of individuals and entities related to VBS executives‚ including its largest purported shareholder‚ Vele Investments.

Advocate Terry Motau and Werksmans Attorneys compiled the report‚ which was commissioned by the South African Reserve Bank (Sarb).

The report details how the R1.8-billion looting spree led to the collapse of the bank and the loss of almost R2-billion deposited by some of Limpopo’s poorest municipalities.