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Committee on police urges Hawks to prioritise VBS probe

The portfolio committee on police will ask for a full briefing on the matter from the Hawks when Parliament resumes its sittings in August.

Picture: vbsmutualbank.co.za

CAPE TOWN - The National Assembly's police portfolio committee has urged the Hawks to prioritise corruption cases involving VBS Mutual Bank.

The portfolio committee will now ask for a full briefing on the matter from the Hawks when Parliament resumes its sittings in August.

Portfolio chairperson Francois Beukman says white-collar crime in the financial sector is having a significant negative impact on economic growth and depositors’ confidence in the financial sector.

The South African Reserve Bank placed VBS under curatorship earlier this year amid a liquidity crisis after a number of municipalities withdrew their deposits.

There are also reports of massive looting amounting to over R1 billion at the financial institution.

Buekman said: “It’s major corruption and financial mismanagement. Remember, they’re responsible for investigating serious organised crimes and serious commercial crime is their main beat.”

President Cyril Ramaphosa this week also added his voice to the ongoing VBS saga, saying it was not a shame to just the people of Limpopo, but the entire country.

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