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VBS denies Prasa investment claims, say ‘Zuma bank’ label unfair

The 'Sunday Times' reported that senior Prasa officials have approved a move to ensure the first R500 million tranche is paid to VBS without any agreement signed.

The Venda Building Society Mutual bank logo. Picture: vbsmutualbank.co.za

JOHANNESBURG - VBS Mutual Bank has denied claims that the Passenger Rail Agency (Prasa) is investing R1 billion with the bank.

But it has confirmed that it made a proposal to Prasa, with no decision yet.

The Sunday Times reported that senior Prasa officials have approved a move to ensure the first R500 million tranche is paid to VBS without any agreement signed.

Prasa says it has not yet decided whether to invest in VBS Mutual Bank but says it has received a bid from the bank.

VBS CEO Andile Ramavhunga says allegations that payment has already been made are grossly unfair.

“No, there is no investment as of yet. We’ve just made a proposal and there’s nothing that we’ve gotten from Prasa. As it is, it’s just a mere proposal. Nothing has come out of it.”

He also says it's unfair that VBS has been labelled the “[Jacob] Zuma bank”.

“It begs the question, why are we being labelled a "Zuma bank" when everyone is doing business with the state president?”

Prasa says advice from its financial department is being considered before a decision is made and that it has similar investment agreements with other banks.

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