SAPS must investigate allegations of bribery and corruption at VBS Mutual Bank

The DA notes the damning reports today of how VBS Mutual Bank directors and their shareholder, Vele Investments, allegedly defrauded the bank of more than R1.5 billion.

The details of the large-scale corruption form part of an affidavit by VBS curator, Anoosh Rooplal. VBS directors allegedly paid millions of Rands in bribes to politicians and top executives at the Passenger Rail Agency of SA (PRASA) and the Public Investment Corporation (PIC) in efforts to facilitate the deposit of public monies into the bank.

These are damning allegations and all those who enriched themselves must be investigated by the South African Police Services and face the full force of the law.

Tomorrow, I will attend the media briefing by the South African Reserve Bank (SARB) Governor, Lesetja Kganyago, and SARB Deputy Governor, Kuben Naidoo, who will update the media on VBS Mutual Bank.

The DA will continue to monitor the revelations of corruption and bribery between VBS, the PIC and PRASA.

Statement issued by Alf Lees MP, DA Shadow Deputy Minister of Finance, 8 July 2018