• News
  • Sport
  • TV
  • Radio
  • Education
  • TV Licences
  • Contact Us
No Result
View All Result
  • SOUTH AFRICA
  • POLITICS
  • BUSINESS
  • SPORT
  • AFRICA
  • WORLD
  • SCI-TECH
  • LIFESTYLE
  • FEATURES
  • OPINION
Home Business

‘Action must be taken against those involved in VBS scandal’

6 November 2018, 2:54 PM  |
SABC SABC |  @SABCNews
President Ramaphosa is answering questions in Parliament for this final Q and A session for the year.

President Ramaphosa is answering questions in Parliament for this final Q and A session for the year.

Image: SABC News @GovernmentZA

President Ramaphosa is answering questions in Parliament for this final Q and A session for the year.

President Cyril Ramaphosa says action needs to be taken against those involved in the VBS Mutual Bank scandal.

In the latest developments, the Mahikeng municipality approached the High Court in Pretoria over the winding up of the VBS Mutual Bank.  The municipality has invested more than R80 million with VBS.

In the court documents the municipality stated that it believes that the bank is unable to pay its debts.

It is also of the opinion that the Bank cannot be saved because of the reputational harm suffered and a lack of faith by the general public.

President Ramaphosa was answering questions in Parliament for this final Q and A session for the year on Tuesday.

“Most of these depositors are struggling because their money is lost but it is also the municipalities of various areas in our country.”

“Action must be taken against those municipal officials, political officials who deposited council funds into VBS knowing that it was not legal and whose actions could lead to significant financial losses for those municipalities.”

“It is critical that every effort must be made to recover those monies , that is why we must act against those who are responsible.”

Click video below:

Questions to which President @CyrilRamaphosa will provide oral replies in the National Assembly this afternoon.#RamaphosaQandA pic.twitter.com/P5ylXk1Phm

— PresidencyZA (@PresidencyZA) November 6, 2018

Share article
Tags: Western CapeCyril RamaphosaParliamentVBS scandal
Previous Post

AIC in leadership battle

Next Post

Control of Congress, and verdict on Trump, at stake in U.S. elections

Related Posts

Mining production hampered by intense rolling blackouts: Minerals Council

6 February 2023, 6:27 PM
Adv Tembeka Ngcukaitobi SC, representing Competition Commission in this matter

Sasol urges Nersa to set the price rather than Competition Tribunal

6 February 2023, 5:32 PM
A Transnet locomotive seen on a track

Transnet takes steps to mitigate and minimise rolling blackouts

6 February 2023, 4:10 PM
Mineral Resources and Energy Minister Gwede Mantashe engaging with the media at the Investing in African Mining Indaba at the Cape Town International Convention Centre on February 6, 2023.

Govt working on plan to resolve load shedding in the next 12 months: Mantashe

6 February 2023, 1:30 PM

LIVE | Mining Indaba 2023

6 February 2023, 8:43 AM
[File Image] Miners work deep underground at Sibanye Gold's Masimthembe shaft in Westonaria, South Africa, April 3, 2017.

Energy crisis set to dominate Mining Indaba

6 February 2023, 6:03 AM
Next Post
Two women hold an American flag as people stand in line for President Donald Trump's campaign rally at the Hertz Arena

Control of Congress, and verdict on Trump, at stake in U.S. elections

Most Viewed

  • 24hrs
  • Week
  • Month
  • Registration at Unisa closes on Friday, but management says no need to panic
  • Green comet to be visible from SA next week
  • VIDEO: Mabuza resigns as SA Deputy President
  • Budding Stellenbosch FC star reportedly stabbed to death
  • Shock over proposed SA sponsorship of Tottenham Hotspur
  • Parts of the Northern Cape to be exempted from rolling blackouts
  • Registration at Unisa closes on Friday, but management says no need to panic
  • VIDEO | St Benedict College’s Matric learner gets 11 distinctions
  • Limpopo matriculant from child-headed household attains diploma pass
  • Female circumcision practice thriving in Eastern Cape
  • Kellerman, Bantwini, Zikode win Grammy award
  • We are not moved by threats made by Malema: Mbalula
  • Former Orlando Pirates midfielder John Moeti passes away
  • ‘If you are lazy, stay home’, Mbalula advises ANC members
  • Pope Francis says laws criminalising LGBT people are a ‘sin’ and an injustice

LATEST

  • Business

Mining production hampered by intense rolling blackouts: Minerals Council


Adv Tembeka Ngcukaitobi SC, representing Competition Commission in this matter
  • Business

Sasol urges Nersa to set the price rather than Competition Tribunal


[File Photo] the National Assembly.
  • Politics

NFP and ANC file motions of no confidence against IFP office bearers in Nongoma


A Transnet locomotive seen on a track
  • Business

Transnet takes steps to mitigate and minimise rolling blackouts


People gather as rescuers search for survivors under the rubble, following an earthquake, in rebel-held town of Jandaris, Syria February 6, 2023.
  • World

Gift of the Givers on standby to fly out to earthquake-hit Turkey and Syria


Wouter Kellerman, Zakes Bantwini and Nomcebo Zikode receive the Grammy award for Best Global Music Performance in Los Angeles California on February 6, 2023.
  • Lifestyle

Ladysmith Black Mambazo congratulates SA musicians on their Grammy wins


Weather

  • About the SABC
  • Contact Us
  • Jobs
  • Advertise
  • Disclaimer
  • Site Map

SABC © 2023

No Result
View All Result
  • SOUTH AFRICA
  • POLITICS
  • BUSINESS
  • SPORT
  • AFRICA
  • WORLD
  • SCI-TECH
  • LIFESTYLE
  • FEATURES
  • OPINION

© 2022

Previous AIC in leadership battle
Next Control of Congress, and verdict on Trump, at stake in U.S. elections