First Deputy General Secretary of SA Communist Party (SACP) Solly Mapaila says heads must roll at the South African Reserve Bank because looting at VBS Mutual Bank has happened under their noses.

Mapaila was addressing the party’s provincial general council meeting in Polokwane in Limpopo.

Mapaila says they accept party provincial Secretary Gilbert Kganyago’s side of the story.

Kganyago is one of the people implicated by the Reserve Bank report on VBS, titled the Great Bank Heist.

Mapaila explains: “We have accepted the explanation of comrade Gilbert that he was not involved. He happened to be the mayor when VBS asked why the municipality was withdrawing its investment. Those who stole people’s money must account irrespective of who they are. The South African Reserve Bank must also tighten its oversight capacity. Heads must roll also within South African Reserve Bank.”

Kganyago, denied that he ever gave instructions that the Capricorn District Municipality must invest in VBS.

He was the mayor when the municipality invested more than R100 million. Kganyago says he has nothing to do with VBS.