The ANC has denied that it is discussing a rescue plan for embattled VBS Mutual Bank. This followed a weekend report that the ANC’s top six leaders and the Limpopo provincial leadership had met to put together a plan to save the bank. VBS was put under curatorship in March because it was facing a severe liquidity crisis and could not repay deposits as and when required. Since VBS has been placed under curatorship, the municipalities that invested with the bank have not been able to access their funds. This money was intended for, among other things, service delivery. Business Day reported previously that as much as 75% of VBS’s assets may have been stolen by its executives and directors, placing depositors at risk.
City Press reported that the ANC’s Limpopo leadership recommended that the bank be converted into a Limpopo provincial government bank, run and operated by the Limpopo Economic Development Agency. However, the ANC has denied this saying it was "void of any truth". "...
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