The Democratic Alliance (DA) says it wants all executives of the embattled VBS Mutual Bank to be held criminally liable for their role in alleged looting of the bank’s coffers.
VBS lost about R1.5 billion which was apparently used to sustain lavish lifestyles of the banks executives and is now under curatorship.
The DA’s shadow Minister of Co-operative governance Kevin Mileham laid charges of fraud, racketeering and corruption against the bank’s executives, including major shareholder Vele Investments at Sandton Police Station on Friday afternoon.
He says financial mismanagement has also affected service delivery in municipalities that have deposited money into the bank.
Today, we have laid charges of fraud, racketeering and corruption against #VBS Mutual Bank executives and its majority shareholder, Vele Investments, at the Sandton Police Station in Johannesburg. pic.twitter.com/6gCBRJdpjU
— Democratic Alliance (@Our_DA) July 13, 2018
We will not allow the ANC’s corruption to rob South Africans of efficient service delivery.
We will ensure that the individuals who are responsible are held to account.#VBS pic.twitter.com/jEJi173jld
— Democratic Alliance (@Our_DA) July 13, 2018
Meanwhile, some VBS customers who were able to withdraw their cash from Nedbank have expressed satisfaction with the service provided by the bank and the Reserve Bank.
Hundreds of them have been queuing since early in the morning at Nedbank branches in Thohoyandou and Louis Trichardt in Limpopo.
Tshisikhawe Netshifhefhe from Phiphidi village says he came at around 5am and received his cash in the afternoon.
“I arrived here at five o’clock in the morning. I was number 11 now up to so far I got the service inside the bank and I have my money inside my pocket now. The rest I left it here inside the bank I will continue to do investment inside the Nedbank,” says Netshifhefhe.
The perpetrators of this crime didn’t only rob the poor their hard-earned money, but breached Section 3 of the Prevention and Combating of Corrupt Activities Act as well as Section 2 of the Prevention of Organized Crime Act. #VBS pic.twitter.com/fNYUoTfQuu
— Democratic Alliance (@Our_DA) July 13, 2018
VBS customers around noon at Nedbank game center in Thohoyandou pic.twitter.com/RYsiDatzMc
— Rudzani Tshivhase (@RudzaniTshivha4) July 13, 2018
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