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Associating black people with VBS scandal is an insult, says Gungubele

Deputy Finance Minister Mondli Gungubele has said it’s clear from the Reserve Bank report that there was a clear intention to loot when VBS was taken over in 2014.

FILE: Deputy Finance Minister Mondli Gungubele. Picture; GCIS.

CAPE TOWN - Deputy Finance Minister Mondli Gungubele says it is an insult to black people and black excellence to associate them with developments at VBS Mutual Bank.

Gungubele has told Parliament it is clear from the Reserve Bank report that there was a clear intention to loot when VBS was taken over in 2014.

The Great Bank Heist report has been debated in the National Assembly on Tuesday afternoon with calls for swift action to be taken against the more than 50 individuals and companies implicated.

Despite criticism from some that the Reserve Bank was slow in picking up corruption at VBS, Gungubele says the central bank had good reason to believe VBS was in good hands.

Its board and executives are highly qualified individuals, and it had reliable auditors.

“There’s no worse manner to insult black excellence than allowing it to run a bank in this fashion.”

He says it is clear the bank’s executives were unscrupulous and they acted with the intention of frenzied looting.

Almost R2 billion has been siphoned from the bank.

“This is criminality, this is corruption, this is theft. There's nothing black about it.”

Gungubele has praised the central bank for placing VBS under curatorship.

(Edited by Mihlali Ntsabo)

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