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DA: VBS execs must be held accountable for their actions

The opposition party laid charges of fraud and corruption against these executives at the Sandton police station on Friday.

FILE: Picture: VBS Mutual Bank Facebook page.

JOHANNESBURG - The Democratic Alliance (DA) says the police now have a responsibility to thoroughly investigate criminal charges laid against VBS Bank executives.

The opposition party laid charges of fraud and corruption against these executives at the Sandton police station on Friday.

The bank was placed under curatorship earlier this year amid allegations of mismanagement.

VBS executives have been accused of blatantly misusing funds for personal gain.

The DA’s Kevin Mileham says they must be held accountable for their actions.

“The earlier we get the case opened with the police, the earlier the investigation from the police side can start. Obviously, there are investigations that are happening within the Reserve Bank, Registrar of Banks officer and the group curator of VBS. But I think what’ve seen is a distinct lack of political will, and I think it relates to the facts that the African National Congress has essentially used VBS as a front for them.”

The Reserve Bank has made provisions for retail depositors to access funds through Nedbank for the next three years.

(Edited by Zamangwane Shange)

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