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Limpopo ANC urges govt not to close down VBS Mutual Bank

The party says the bank carries the potential to play a critical role in broad-based black economic empowerment (BBBEE).

VBS Mutual Bank logo. Image: Supplied

JOHANNESBURG – The African National Congress (ANC) in Limpopo has urged government not to close down VBS Mutual Bank and do whatever it takes to save it.

The party says the bank carries the potential to play a critical role in broad-based black economic empowerment (BBBEE).

This comes after almost R2 billion went missing from the bank, with senior politicians and municipal officials under investigation.

The Hawks are investigating.

The ANC Limpopo’s Donald Selamolela says the VBS Bank scandal is the result of incompetent people given the responsibility to manage municipal finances.

“We’ve instructed all our deployees in government to go and ensure that there’s full accountability and consequences.”

He says the law should be allowed to take its course, with top ANC officials also being investigated.

The party held an urgent PEC meeting in Modimolle on Tuesday.

Provincial deputy chairperson Florence Radzilani and Treasurer Danny Msiza have been implicated in Advocate Terry Motau's report.

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