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Ramaphosa denies being forewarned about VBS Bank saga

It was reported on Sunday that a major VBS shareholder informed Cyril Ramaphosa last year about the bank heist and he apparently promised to do something about it then.

President Cyril Ramaphosa. Picture: GCIS.

JOHANNESBURG - President Cyril Ramaphosa has denied ever being forewarned about the VBS Mutual Bank saga and not taking any action last year.

On Sunday, the City Press reported that a major VBS shareholder informed the then deputy president early last year about the bank 'heist' and he apparently promised to do something about it then.

A statement released by the Presidency on Monday afternoon says: “President Ramaphosa has no knowledge of any meeting where he is said to have met any person associated with VBS Mutual Bank where he was purportedly briefed on the matter.”

It also adds that: “Likewise, the claim that President Ramaphosa was forewarned about the impending implosion of VBS Bank is unsubstantiated.”

This follows the release of a damning report by the South African Reserve Bank last week in which 53 individuals and companies are implicated in the looting almost R2 billion of the indebted bank.

The president says law enforcement should act with haste and vigour against individuals implicated in 'The Great VBS Bank Heist’.

He says the country should not be misled by attempts to divert attention away from those responsible.

Presidency spokesperson Khusela Diko says: “The key issue that we want to raise is that those who are implicated at VBS Bank must face the full might of the law and it is them who should not shift the blame.”

Last week, the National Prosecuting Authority confirmed it is investigating the heist.

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