The Hawks say that a team of investigators and prosecutors are conducting an investigation into those suspected of looting billions of rands from VBS Mutual Bank.

A final report on the investigation into large-scale fraud at the Bank indicated that there are no prospects of saving the bank after about R2 billion in depositors’ money was looted.

The forensic report by Advocate Terry Motau recommends that more than 50 individuals be criminally charged and held liable in civil proceedings.

The Reserve Bank placed VBS under curatorship due to its growing liquidity problems.

Hawks Spokesperson Hangwani Mulaudzi says their probe is ongoing.

He says, “The investigation is still ongoing, but we don’t have a time frame. What we can confirm is that there is a team of investigators as well as prosecutors that are working on this matter. We have seen the report and we are of the view that we will get advice from the relevant authorities whether this report will be used as part and parcel of the of the investigation.”

“So far, we are running our own separate investigation and when there is progress we will give it to the public,” he adds.

Meanwhile, the EFF has called for the criminal prosecution and blacklisting of all those who illegally benefited from the large-scale looting at VBS Mutual Bank.

According to the report, EFF employee and the brother of the party’s Deputy President Floyd Shivambu, Brian, is alleged to have pocketed R16 million.

In a statement, the EFF has raised its concern about the report titled “VBS Mutual Bank – The Great Bank Heist”, but has not mentioned a word about the brother of one of its leaders and employee Brian Shivambu who was named as a participant in the looting scheme.

The party is calling on the South African Reserve Bank to review its ability and mechanisms to monitor banks.

The EFF also says shutting the bank will not help efforts to increase what it calls black participation in the financial sector.

The report was compiled by advocate Terry Motau.

Motau’s report, however, is not clear about what the cash payments to Shivambu were for.

The EFF could not be reached for further comment.

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