28 Oct ANC STATEMENT ON SRB-VBS REPORT

For Immediate Release
10 October 2018

STATEMENT OF THE ANC ON THE SARB - VBS REPORT

The African National Congress notes and welcomes the report commissioned by South African Reserve Bank titled “The Great Bank Heist” detailing the affairs of VBS Mutual Bank.
The report points towards grave abuse of authority and office as well as worrying instances of corruption.
The ANC’s concern has always been about the thousands of pensioners and individuals who depend on this bank, as well as institutions of state who deposited funds from their budgets, earmarked for much needed infrastructure and services.
On 13 April 2018, and consequent upon the initial findings of the curator which revealed massive losses in VBS, the South African Reserve Bank, Prudential Authority, established in terms of the newly promulgated Financial Sector Regulation; appointed legal entities for the purposes of conducting an investigation into the affairs of VBS.
The investigation was to, amongst others, establish whether or not any of the business of the VBS was conducted with the intent to defraud depositors or other creditors of the bank and whether there had been any irregular conduct by VBS shareholders, directors, executive management, staff, stakeholders and/or related parties.
The “Great Bank Heist” report is alarming and highlights the roles of a range of individuals and institutions in these heinous events.
The ANC led Government championed and led the process towards the establishment of the Prudential Authority within the SARB, which is now expected to act decisively and with the necessary speed to process recommendations from this report. 
The ANC maintains that where there have been wrongdoing by individuals and institutions, heads must roll, and the law must take its cause without fear or favour. The manner in which authorities process this report, will be an important indication on our nations commitment to renewal and ethical leadership.
 
ISSUED BY THE AFRICAN NATIONAL CONGRESS
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