Finance minister Tito Mboweni has called for tough action to be taken against those implicated in the looting scandal. The minister, who made his maiden appearance before parliament’s standing committee on finance on Tuesday, also called for political parties to take action against their members implicated in one of SA’s biggest banking scandals. A number of senior provincial politicians in the governing party have been named in the forensic report released last week‚ titled “The Great Bank Heist”. The report detailed how some of the country’s poorest municipalities and the elderly who had deposited their life savings in VBS lost close to R2bn after their deposits were used to fund the lavish lifestyles of individuals linked to the doomed bank‚ including its largest purported shareholder‚ Vele Investments. Brian Shivambu, younger brother of EFF deputy president Floyd Shivambu, was also caught up in the web, with about R16m said to have been channelled to him.

According to the ...

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