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Mboweni: Money was lost at VBS Bank due to pure greed

The Reserve Bank released a report titled The Great Bank Heist which details how R1.8 billion was brazenly looted from the mutual bank.

Finance Minister Tito Mboweni delivers the 2018 Medium-Term Budget Policy Statement in Parliament on 24 October 2018. Picture: GCIS

CAPE TOWN - Finance Minister Tito Mboweni says money was lost at VBS Mutual Bank due to pure greed.

The South African Reserve Bank released a report titled The Great Bank Heist this month which details how R1.8 billion was brazenly looted from the mutual bank.

The investigation found that the bank’s executives, high profile politicians associated with the Economic Freedom Fighters and African National Congress, auditing firm KPMG and the Venda king were all implicated in the matter.

The collapse of VBS was brought about by a series of fraudulent transactions worth billions of rands involving more than 50 individuals.

Mboweni says action needs to be taken in the VBS matter.

“The funds lost by municipalities in the collapse of VBS Mutual Bank offer a dramatic illustration of how greed and corruption impact the achievement of developmental objectives.”

He has called for justice to be swift.

“The perpetrators of The Great Bank Heist must be locked up after a fair trial.”