Parly committee sets deadline for Hawks, NPA progress report on VBS Bank saga

Parliament’s Finance Committee says the VBS report is now largely in the hands of the Hawks and the NPA but the committee wants to hear what progress is being made.

Picture: Supplied.

CAPE TOWN - Parliament’s Finance Committee says it wants the Hawks and the National Prosecuting Authority (NPA) to report progress on investigations into the VBS Bank scandal early next month.

Advocate Terry Motau, author of the report that lifted the lid on how almost R2 billion was looted from the Venda-based bank, is also on the list of those the committee wants to see on 7 November and so is the Reserve Bank, whose prudential authority commissioned Motau’s forensic investigation.

Committee chairperson Yunus Carrim says National Treasury, the Financial Sector Conduct Authority, the Independent Regulatory Board for Auditors and the South African Institute of Chartered Accountants will also be invited to the meeting.

Carrim says the VBS Bank report is now largely in the hands of the Hawks and the NPA but the committee wants to hear what progress is being made.

“We intend to meet with all the parties concerned and we will in particular focus on the Hawks and the NPA but we also obviously want to look into the implications of the report for regulations and policies.”

Carrim says an inquiry may be needed into the role of the Reserve Bank, Treasury, the Department of Cooperative Governance and Traditional Affairs and the South African Local Government Association to see whether the state couldn’t have intervened earlier.

He says the collapse of VBS Bank undermines the much-needed diversification of the banking sector and that the committee – unless convinced otherwise – believes the government should step in to save it.

(Edited by Winnie Theletsane)