The African National Congress (ANC) National Integrity Committee has recommended to the National Executive Committee that those implicated in the VBS Mutual Bank scandal should step aside from leadership positions and all activities of the party.
The Integrity Committee says developments in the VBS saga have damaged the reputation and credibility of the ANC.
The VBS Mutual Bank Report has linked about 50 people, or companies, to losses at the bank – amounting to about two-billion-rand.
VBS was placed under curatorship by the Reserve Bank earlier this year, amid allegations of mismanagement and fraud.
Over the weekend, it was reported that the ANC allegedly received a two-million-rand donation in 2016 from Vele Investments, a majority shareholder at VBS, during the party’s election campaign.