Ramaphosa has short shrift for culprits in 'shameful' VBS scandal
The president says those who stole from the poor and vulnerable must be held accountable, and tighter regulations for banks should be considered
President Cyril Ramaphosa on Monday had very harsh words for those who looted the VBS Mutual Bank, labelling them as thieves, robbers and scoundrels. In an interview on Tonight with Jane Dutton on eNCA, Ramaphosa said the VBS scandal was something he is "ashamed" of. VBS rose to prominence after it provided a R7.8m loan to former president Jacob Zuma to pay back the individual benefits he obtained for the state-funded R246m upgrade to his private home in Nkandla. Ramaphosa said those responsible had to be held accountable as money was stolen from the poor and vulnerable. He said the bank had lost its way because people had "ill intent".
He also suggested that regulations for such banks may have to be tightened because the processes keeping them in check may not have been stringent enough for the Reserve Bank to pick up on the problems in time. "Those responsible must now be dealt with … there has to be accountability," he said. He said he would like to see VBS Bank saved. Rama...
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