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Parly committee proposes inquiry into early intervention at VBS Bank

The committee has set down 7 November for a meeting where it will ask the Hawks and the NPA to report back on progress in their investigations.

FILE: Chairperson of Parliament’s Portfolio Committee on Finance Yunus Carrim. Picture: GCIS

CAPE TOWN – Parliament’s finance committee believes an inquiry may be needed to see whether the state couldn’t have stepped in earlier to avert the VBS Mutual Bank scandal.

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The committee says it's outraged at the plunder of the bank detailed in Advocate Terry Motau's report and has urged the Hawks and the National Prosecuting Authority (NPA) to act swiftly and decisively against those alleged to be responsible.

The committee has set down 7 November for a meeting where it will ask the Hawks and the NPA to report back on progress in their investigations.

Next month’s meeting will involve not only the Hawks and the NPA but also Advocate Terry Motau and the Reserve Bank, which commissioned his forensic investigation into the bank’s collapse.

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Finance committee chairperson Yunus Carrim says they will also hear from the Financial Sector Conduct Authority, the Independent Regulatory Board for Auditors and the SA Institute for Chartered Accountants.

But the committee may go further.

“Some consideration needs to be given to some inquiry into the role of the Reserve Bank, the National Treasury, the South African Local Government Association, the Cooperative Governance Department and other organs of state, to see if they could not have intervened earlier to reduce the extent of the failures of the bank.

“We need to learn lessons from this, so we can try to reduce the prospects of it happening again.”

(Edited by Shimoney Regter)