The African National Congress (ANC) in Limpopo has made it clear that it will not side with the officials, current and former, who have been arrested for their alleged involvement in the VBS Mutual Bank scandal.
It’s reported, however, that the accused allegedly got away with a fraction of the more than R 2. 4 billion taken from the bank.
Senior suspended ANC Limpopo Treasurer, Danny Msiza, named as the kingpin in Advocate Terry Motau’s report allegedly played a pivotal role in getting municipalities to invest with the bank and looting its resources.
Another is suspended Limpopo Deputy-Chair, Florence Radzilani who received a so-called, “Christmas gift’ of R300 000.
The party says all those who collapsed the bank and robbed poor people must be held to account.
Limpopo ANC provincial secretary Soviet Lekganyane says, “Anybody who is found to have been involved in the collapse of the VBS Mutual Bank, regardless of their social standing and any other position they occupy either in a political organization a religious institution or any other organ of society, the police must make sure they follow up on those individuals and bring them to book.”
Eight accused in VBS case granted bail
The Palm Ridge Regional Court in Ekhuruleni has granted bail of R100 000 to each of the eight accused in the VBS Mutual Bank case on Thursday.
In delivering his ruling in their bail application, Magistrate Brian Nemavhidi said in view of the state opposing bail, he did not deem it necessary to detain the applicants.
According to their bail conditions, the eight accused are not allowed to leave the borders of South Africa, they must hand over their passports, and may not apply for new passports and also not interfere with state witnesses.
The accused face 47 charges of fraud, racketeering, corruption, theft and money laundering which amounts to R2 billion. It is believed stokvel groups, pensioners and 20 municipalities lost billions of rands in the looting scheme.
In the video below, the accused appear in court:
