BANK FAILURE
DA urges Tito Mboweni to act on Venda bank graft
The DA calls for the new finance minister to move swiftly ‘especially against politicians and those close to politicians, such as Brian Shivambu, who is implicated in the scandal’
Opposition parties have called on new finance minister Tito Mboweni and President Cyril Ramaphosa to take swift action against those implicated in a forensic report on the failure of VBS Mutual Bank. Former president Jacob Zuma, the Passenger Rail Agency of SA (Prasa) and Floyd Shivambu’s brother have been implicated in the report, which was released on Wednesday. The report, by advocate Terry Motau and Werksmans Attorneys, describes how the bank heist occurred and lists a number of former VBS executives and its largest shareholder, Vele Investments, as perpetrators and beneficiaries of the crime. Included in the 146-page document is testimony from VBS CEO Andile Ramavhunga, who was asked whether a commission of R1.5m had been paid to a group of SA Transport and Allied Workers Union officials to solicit a R1bn deposit from Prasa. Ramavhunga replies: “It could have been … I know for a fact that we were asked to put money into the Dudu Myeni Foundation.” He said the request for the do...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.