A branch of VBS Mutual Bank in Thohoyandou, Limpopo. Picture: ANTONIO MUCHAVE
A branch of VBS Mutual Bank in Thohoyandou, Limpopo. Picture: ANTONIO MUCHAVE

The ANC scored a R2m "donation" from the bosses of VBS Mutual Bank who sought political cover as they helped themselves to the funds of municipalities, the poor and stokvels in a R2bn looting spree.

The Sunday Times is in possession of a series of shocking WhatsApp exchanges in which VBS bosses refer to the money, apparently paid to a service provider during the party's 2016 local election campaign.

The exchange also throws light on how VBS bosses tried to mislead the Reserve Bank and other regulators as they paid out millions in the form of bogus loans.

The ANC scrambled on Saturday to distance itself from the VBS fallout, the biggest financial scandal since democracy was ushered in with the 1994 elections. The bank is now in provisional liquidation and was recently the subject of a scathing report, "The Great VBS Bank Heist", by advocate Terry Motau.

The party has so far admitted only to receiving R250,000 to "buy" a table at its 106th birthday celebrations held in East London in January this year.

Spokesperson Pule Mabe said this week the ANC had no record of the R2m donation, but said it would launch its own probe. It has undertaken to pay the money back, if it was received, and also the R250,000.

Read the full article in the Sunday Times.