Cosatu wants Mathabatha to take action against those implicated in VBS looting

The union federation is demanding that the money recovered from the liquidation be paid out to workers first.

Cosatu marched to the office of Limpopo Premier Stan Mathabatha to put pressure on him to take action against those implicated in the VBS Mutual Bank fraud. Picture: @_cosatu /Twitter

JOHANNESBURG – The Congress of South African Trade Unions (Cosatu) is marching on the office of Limpopo Premier Stan Mathabatha to put pressure on him to take action against those implicated in the VBS Mutual Bank fraud.

The High Court in Pretoria on Tuesday ruled that VBS be liquidated.

The application was brought by the South African Reserve Bank following Advocate Terry Motau’s finding of widespread looting at the bank and his recommendation that it should be wound up because it simply cannot be rescued.

The report revealed an estimated R2 billion in deposits, many from municipalities were stolen.

Cosatu is demanding that the money recovered from the liquidation be paid out to workers first.

The federation’s Solly Phetoe said: “Workers that were employed there, they [must be] deployed somewhere else…government and the police must make sure that implicated persons, whether they are ANC leadership or mayors, they must face the law.”

(Edited by Thapelo Lekabe)