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Black Business Council slams 'negative reports' about VBS Bank

The council says it notes with disappointment the report by the 'Sunday Times' claiming Prasa invested R1 billion with VBS, without a signed agreement.

Black Business Council CEO Kganki Matabane. Picture: Facebook.com.

JOHANNESBURG - The Black Business Council says its dismayed by what it calls the intimidation of black business by negative reporting on VBS Mutual Bank.

The council says it notes with disappointment the report by the Sunday Times claiming the Passenger Rail Agency of South Africa (Prasa) invested R1 billion with VBS, without a signed agreement.

Both Prasa and VBS have denied any deal has been made.

CEO of the council Kganki Matabane says they are aware of a trend which aims to influence decisions and retard the growth of black-owned businesses.

“Things like this are going to happen. It means every time a black-owned organisation is supposed to grow, somebody is just going to plant a story in the newspapers. Because you can imagine if now you are sitting at Prasa and this story comes, you are starting to be very careful while you are conducting your normal business.”