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Mboweni to detail govt plan over VBS Bank 'heist', Sars already looking at cases

Finance Minister Tito Mboweni has slammed the role played by VBS Bank’s internal and external auditors and called for law enforcement agencies, as well as political parties, to deal speedily with those implicated in the scandal.

New Finance Minister Tito Mboweni. Picture: Cindy Archillies/EWN

CAPE TOWN - Finance Minister Tito Mboweni is set to provide details of steps that government will take in the wake of the VBS Mutual Bank scandal when he delivers the medium-term budget policy statement next week.

Mboweni has called for swift action against those implicated.

Meanwhile, acting Sars commissioner Mark Kingon says the revenue collection agency is already looking at cases arising out of Advocate Terry Motau's forensic report on the looting of VBS, which was released last week.

Kingon has told Parliament’s finance committee that Sars has already started identifying cases arising from the VBS bank report for further investigation.

“We go through a strict governance process for case creation… and that is underway.”

Kingon says confidentiality requirements prevent him from going into further detail.

“My concern is obviously not whether money was taken but whether it was taxed correctly. Even if a person incorrectly takes money, I still want my pound of flesh. I’m a taxman at heart.”

Mboweni has slammed the role played by VBS Bank’s internal and external auditors and called for law enforcement agencies, as well as political parties, to deal speedily with those implicated in the scandal.

Meanwhile, the Free State Development Corporation says it has approached the South African Reserve Bank (Sarb) for clarity after it was mentioned in the VBS Bank heist forensic report.

The damning report shows the corporation may have been involved in fraudulent activities at the bank.

The corporation says its records show it invested R100 million with VBS and was paid out the final figure after accruing interest.

In a statement, it says it is concerned that it wasn't consulted before the release of the damning report.