President Cyril Ramaphosa. Picture: SUPPLIED
President Cyril Ramaphosa. Picture: SUPPLIED

The Democratic Alliance wants answers from President Cyril Ramaphosa  following reports that he may have known about the alleged corruption at VBS Mutual Bank, DA leader Mmusi Maimane said on Sunday.

“Reports  that President Cyril Ramaphosa had prior knowledge of grand corruption and looting at VBS as far back as the beginning of last year and failed to act are incredibly serious allegations and need to be answered by the president with haste,” Maimane said.

He said he would submit an urgent question for oral questions to the president in parliament on Thursday “to confirm the veracity of these allegations”.

“Our lawyers are also considering charges against the president in accordance with the Prevention of Organised Crime Act (POCA)‚” Maimane said.

City Press reported that sources “close to a major VBS shareholder” had told the newspaper that the shareholder had informed Ramaphosa about what was going on.

“I know that the shareholder met with Ramaphosa‚ who was not president at the time. The shareholder briefed him about the outrageous corruption at VBS‚” the source was quoted as having told the newspaper.

The shareholder reportedly started blowing the whistle in 2016.

Presidency spokesperson Khusela Diko said they had no records of such a meeting.

A forensic report released on Wednesday‚ titled “The Great Bank Heist”‚ detailed how the bank heist allegedly occurred. The bulk of the funds stolen were allegedly for the benefit of individuals and entities related to VBS executives‚ including its largest purported shareholder‚ Vele Investments.

Advocate Terry Motau and Werksmans Attorneys compiled the report‚ which was commissioned by the South African Reserve Bank.

The report details how the R1.8bn looting spree led to the collapse of the bank and the loss of almost R2bn deposited by some of Limpopo’s poorest municipalities.