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Municipalities bear the brunt for investing in VBS Mutual Bank

This came almost a year after the South African Reserve Bank published a forensic report into the collapse of VBS Mutual Bank that blew the lid on how it was looted of nearly R2 billion.

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

CAPE TOWN - The VBS Mutual Bank scandal continued to plague struggling municipalities that invested money in the now-defunct bank.

This came almost a year after the South African Reserve Bank published a forensic report into the collapse of VBS Mutual Bank that blew the lid on how it was looted of nearly R2 billion.

The matter came up again in Parliament on Tuesday at a meeting of the select committee on cooperative governance and traditional affairs.

Deputy Minister of Cooperative Governance and Traditional Affairs Parks Tau said the VBS saga has had a lasting impact on municipalities that invested money in the bank.

Tau said the question they were now grappling with as a department was how to resolve the problem because municipalities still have millions locked in VBS.

“Even if that municipality could have been viable because its money is locked in VBS liquidation, that municipality is not going to be viable.”

North West Cooperative Governance MEC Mothibedi Kegakilwe said politicians needed to be more accountable and the focus should not just be on officials.

“The issue we are faced with are politicians who are involved in these matters.”