SACP: Claims of R3m VBS Bank payment baseless

The party has dismissed a 'City Press' report that it was paid to remain silent about the bank's alleged relationship with the Gupta family.

FILE: An SACP flag flies outside National Treasury in Pretoria on 21 April 2017. Picture: EWN

JOHANNESBURG - The South African Communist Party (SACP) has called allegations that it received a R3 million payment from VBS Mutual Bank in exchange for its silence as baseless.

The party has dismissed a City Press report that it was paid to remain silent about the bank's alleged relationship with the Gupta family.

The paper quoted a VBS senior official who claimed that a branch manager at the embattled bank was ordered to make the payment to fund the SACP’s 2017 national congress but the party has denied this.

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The party says that its finance department has found no trace of a deposit from the bank or its parent company Vele Investment.

Spokesperson Alex Mashilo said: “Anybody who has been alleged to have done something and that comes to the attention of the party with incontrovertible evidence, then there is no way we will turn our heads the opposite direction. We will look into it and once we are convinced that there is a case, the party will act. But I dismiss unfounded allegations on behalf of the party.”

A South African Reserve Bank report by Advocate Terry Motau has revealed how over 50 companies and individuals looted the bank of almost R2 billion.

(Edited by Mihlali Ntsabo)