Top ANC Officials,Royalty Among Those Implicated In VBS Bank Report

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Senior African National Congress (ANC) officials, the relative of an Economic Freedom Fighters (EFF) MP and royalty are among the 50 recipients of more than R1 billion siphoned out of VBS Mutual Bank.

The report, commissioned by the Reserve Bank, recommends that those implicated be criminally charged and held liable in civil proceedings.

Former KPMG partner, Sipho Malaba, scored R33 million, former legal head at the Public Investment Corporation, Ernest Nesane, took home R16 million, while the PIC’s former head of risk and compliance received R14 million.

Advocate Terry Motau revealed how the bank set up middlemen to pay bribes to government officials who were in a position to ensure deposits were made into the bank.

The kingpin of the so-called commission agent scheme was identified as the ANC’s Limpopo treasurer, Danny Msiza.

The Democratic Alliance (DA) has called on newly appointed Finance Minister Tito Mboweni to act swiftly on the report.

Source – EWN