SAPS must probe allegations of bribery and corruption at VBS: DA

08 July 2018 - 14:56 By Timeslive
A branch of VBS Mutual Bank in Thohoyandou, Limpopo.
A branch of VBS Mutual Bank in Thohoyandou, Limpopo.
Image: Antonio Muchave

The Democratic Alliance is calling for the South African Police Service to investigate allegations of bribery and corruption at VBS Mutual Bank.

DA shadow deputy minister of finance Alf Lees said the party had noted the damning reports on Sunday of how VBS Mutual Bank directors and their shareholder‚ Vele Investments‚ had allegedly defrauded the bank of more than R1.5-billion.

“The details of the large-scale corruption form part of an affidavit by VBS curator‚ Anoosh Rooplal. VBS directors allegedly paid millions of Rands in bribes to politicians and top executives at the Passenger Rail Agency of SA (PRASA) and the Public Investment Corporation (PIC) in efforts to facilitate the deposit of public monies into the bank‚” Lees said in a statement.

He said these were damning allegations and that all those who had enriched themselves must be investigated by the SAPS and face the full force of the law.

“Tomorrow‚ I will attend the media briefing by the South African Reserve Bank (SARB) Governor‚ Lesetja Kganyago‚ and SARB Deputy Governor‚ Kuben Naidoo‚ who will update the media on VBS Mutual Bank.

“The DA will continue to monitor the revelations of corruption and bribery between VBS‚ the PIC and PRASA‚” Lees said.

VBS shot to prominence when it was learned that the small bank had loaned then president Jacob Zuma R7.8-million to repay state money used to upgrade security at his private homestead in Nkandla‚ KwaZulu-Natal.