New VBS report: Tito Mboweni’s first test

Issued by Kevin Mileham MP – DA Shadow Minister of Cooperative Governance and Traditional Affairs
10 Oct 2018 in News

Finance Minister, Tito Mboweni, needs to take swift actions action against all those implicated in the VBS Mutual Bank scandal.

Earlier this year the Democratic Alliance (DA) laid criminal charges against individuals who were allegedly involved in the VBS fraud, corruption and racketeering scandal. The forensic investigation report, “VBS Mutual Bank – The Great Bank Heist”, released by the South African Reserve Bank (SARB) today, implies that there were even more people involved than originally thought. These include politicians and officials.

The report recommends that more than 50 individuals be criminally charged and held liable in civil proceeding.

The DA supports this recommendation and calls on the newly appointed Minister of Finance, Tito Mboweni, to move swiftly with authorities to take action against all those implicated, especially the politicians and those close to politicians, such as Brian Shivambu, brother of the EFF’s Floyd Shivambu, who is implicated in the scandal. It is no surprise why the EFF has been vocal about defending the corruption that took place at VBS which saw many South Africans in danger of losing their hard earned money and municipal funds wasted.

It is paramount that the Minister takes a strong stance against corruption.

The VBS scandal has severe consequences on South Africans as multiple municipalities are at risk of losing revenue which directly affects their ability to provide basic services and compromises access to jobs.