Presidency labels VBS allegation ‘baseless, unsubstantiated’

President Cyril Ramaphosa has categorically rejected reports that he failed to take action on the VBS Bank saga despite being alerted to irregularities in 2017.

According to media reports, a whistleblower told Ramaphosa while he was Deputy President of the country about the looting at the bank but says the President took no action.

In a statement, the presidency has labelled the allegation baseless and unsubstantiated.

It says Ramaphosa has no knowledge of any meeting where he is said to have met any person associated with VBS Mutual Bank where he was purportedly briefed on the matter.

It says the VBS Bank saga was brought to the attention of the President through official government channels including the National Treasury which he then asked for a comprehensive report.

The African National Congress‘ provincial officials in Limpopo have on Monday met with the party’s officials at Luthuli House in Johannesburg.

On the agenda is the VBS Bank looting saga which has seen some ANC officials implicated.

A report released last week revealed that the bank was defrauded of almost R2 billion by some 50 individuals. ANC spokesperson, Pule Mabe says the meeting shows that the party is concerned about dealings in VBS.

“Part of what was expected to happen in those engagements was to get feedback on how the province has been attending to this issue but as you know the ANC has already referred the report to its integrity committee to be able to attend to this especially where our members are implicated to make sure that with the necessary speed we are seen to be taking the requite action.”

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