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Limpopo premier set to brief media on developments in VBS Bank probe

Limpopo Premier Stan Mathabatha is expected to outline the status of that investigation and also outline how the provincial administration will deal with those implicated.

FILE: Limpopo Premier Stanley Mathabatha. Picture: Facebook

JOHANNESBURG – Limpopo Premier Stan Mathabatha is expected to brief the media on Wednesday morning about the VBS Mutual Bank saga and what action his government will be taking against those implicated in the looting of the bank.

Eight municipalities in the province collectively deposited R1.2 billion with VBS Bank illegally, leading to several municipalities struggling to pay salaries and failing to deliver services.

The South African Reserve Bank (Sarb) released a report titled The Great Bank Heist, which revealed that R1.8 billion was looted by the bank’s executives, politicians and a former partner at auditing firm KPMG.

A month ago, the Limpopo government asked mayors whose municipalities deposited funds with VBS Mutual Bank to ask themselves whether they are still the right people for their jobs.

The provincial government went as far as asking municipalities to provide plans on how they will provide services in the absence of the money that's been stolen.

Since the corruption at the bank was exposed, government has commissioned a forensic investigation, saying that the findings would be available this month.

The premier is expected to outline the status of that investigation and also outline how the provincial administration will deal with those implicated.

(Edited by Leeto M Khoza)