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Limpopo ANC: No confirmation from national leadership of plan to rescue VBS

The 'City Press' reported that a meeting was held between provincial ANC leadership and the party's top six in a last ditch political attempt to save the bank.

The VBS Mutual Bank logo. Picture: vbsmutualbank.co.za

JOHANNESBURG – The African National Congress (ANC) in Limpopo says it has not received confirmation of a plan from national leadership to rescue VBS Mutual Bank from liquidation.

The City Press reported that a meeting was held between provincial ANC leadership and the party's top six in a last ditch political attempt to save the bank.

Earlier this year, the South African Reserve Bank placed the bank under curatorship following a liquidity crisis and allegations of widespread corruption.

The Limpopo ANC’s Donald Selamolela says that the meeting held last Monday was not to specifically discuss VBS Mutual Bank.

“We have discussed a variety of issues that have been discharged by the special council, which include VBS. It was not discussed in isolation.”

He says the ANC in the province has made it clear that it believes the bank must be saved as it serves the purpose of transformation in the financial sector.

According to sources cited by the City Press, the ANC in the province would like to have the bank converted into a Limpopo provincial government bank, run and operated by the province’s economic development agency.

However, officials have refused to confirm this, saying that a decision on the modality of how VBS Mutual Bank should be saved has not been made.

(Edited by Leeto M Khoza)

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