Parliament’s Standing Committee on Finance will only be able to consider the Reserve Bank’s report on VBS bank after the Medium-Term Budget.
The report has fingered about 50 people and companies linked to losses of about R2 billion that led to the collapse of the bank.
Committee Chairperson Yunis Carrim says the scandal justifies the new powers given to the Financial Sector to act against wrong doing in the interest of depositors.
He also says if the committee agrees, they will call the Hawks to brief them about their investigation of the matter.
“Those who have done wrong must face the full might of the law and if the committee agrees we will without interfering in the internal investigations call on the Hawks to report on progress in this regard. Until we are convinced otherwise, our view remains that every attempt needs to be made to rescue (VBS Bank) under new leadership. We also need to look at whether the Reserve Bank and Treasury could have acted sooner and reduce the extent of its failures.”
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