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Report: More details emerge in VBS scandal

It's reported the ANC scored R2 million from the bosses of the VBS Mutual Bank who apparently sought political cover as they allegedly help themselves to municipality funds.

VBS Mutual Bank in Thohoyandou. Picture: Sethembiso Zulu/EWN

JOHANNESBURG - More details have emerged from the VBS Mutual Bank scandal, this time involving alleged donations given to the ruling party for its 2016 election campaign.

The Sunday Times is reporting that the African National Congress (ANC) scored R2 million from the bosses of the VBS Mutual Bank who apparently sought political cover as they allegedly help themselves to municipality funds.

The South African Reserve Bank (Sarb) released a report which revealed how R1.8 billion was brazenly looted from the bank, with the Venda king and top political figures from the ANC and the Economic Freedom Fighters (EFF) implicated.

The Sunday Times claims to be in possession of a series of WhatsApp messages in which VBS bosses refer to a R2 million donation, apparently paid to a service provider during the ANC’s 2016 election campaign.

The texts also apparently show how VBS bosses tried to mislead the Reserve Bank and other regulators as they paid out millions in the form of bogus loans.

Two weeks ago, the ANC national working committee boldly called on law enforcement authorities to hold those responsible for the looting of the bank accountable.

The party has told the Sunday Times that it has no record of this donation but will launch its own probe.

(Edited by Shimoney Regter)