ANC labels VBS Bank saga ‘a sorry state of affairs’

It's reported money was looted from the bank and used to shower the Venda King with gifts worth R12 million while executives flew in helicopters and drove expensive cars.

FILE: Minister in the Presidency Jeff Radebe. Picture: Louise McAuliffe/EWN.

JOHANNESBURG - As revelations about VBS Mutual Bank continue to come to light, the African National Congress (ANC) has described what’s unfolding as a sorry state of affairs.

It’s called on law enforcement agencies to act on those responsible for the bank’s collapse.

Reports have emerged of how money was looted from the bank and used to shower the Venda King with gifts worth R12 million, while the bank’s executives flew in helicopters, drove expensive cars and shopped at exclusive boutiques.

Municipalities lost R1.5 billion of their funds from the bank.

The ANC’s Jeff Radebe says what’s unfolding at VBS mutual Bank is worrisome.

He says an effective investigation on what happened is necessary.

“We should be very ashamed of what has happened there, so I do believe that law enforcement agencies must do their job and the inquiry that is unfolding needs to get to the bottom [of what happened] so we can find out how we got such a sorry state of affairs.”

He says it’s important that those who drove the bank to its knees be held to account.