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Mkhize to brief MPs on VBS Mutual Bank scandal

Cooperative Governance Minister Zweli Mkhize is to provide an update on municipalities that invested with the bank, especially the impact on service delivery.

FILE: Cooperative Governance and Traditional Affairs Minister Zweli Mkhize. Picture: Cindy Archillies/EWN

CAPE TOWN - The saga around VBS Mutual Bank will be a major focus in Parliament on Tuesday.

Cooperative Governance Minister Zweli Mkhize is to provide an update on municipalities that invested with the bank, especially the impact on service delivery.

Members of Parliament will also be debating the Reserve Bank report, The Great Bank Heist, that implicates more than 50 individuals and companies in corruption at the financial institution, which is under curatorship.

Over the months since the VBS scandal broke, Mkhize has promised to keep a close eye on municipalities who collectively invested R1.5 billion with the bank.

He's promised that those responsible for the illegal deposits, will be held to account.

He will brief the portfolio committee on Cooperative Governance on the state of service delivery and finances in the affected municipalities.

The committee also wants to know what measures are in place to ensure municipalities are transparent about their investments.

Two municipalities in Limpopo, Giyani and Vhembe, have already started taking action against officials.

The ANC, meanwhile, has tabled a motion on the VBS report for debate in the National Assembly on Tuesday afternoon, saying it is necessary because it affects the country's most vulnerable.

(Edited by Shimoney Regter)

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