President Cyril Ramaphosa on Monday rejected reports that he was aware of wide-scale looting at VBS Mutual Bank and had failed to act. File Photo: IOL
President Cyril Ramaphosa on Monday rejected reports that he was aware of wide-scale looting at VBS Mutual Bank and had failed to act. File Photo: IOL
VBS Mutual Bank logo. Photo: Supplied
VBS Mutual Bank logo. Photo: Supplied

CAPE TOWN – President Cyril Ramaphosa on Monday rejected reports that he was aware of wide-scale looting at VBS Mutual Bank and had failed to act.

In a statement, Ramaphosa calls the allegations "baseless and unsubstantiated".

"President Ramaphosa has no knowledge of any meeting where he is said to have met any person associated with VBS Mutual Bank where he was purportedly briefed on the matter," the presidency statement said.

"Likewise, the claim that President Ramaphosa was forewarned about the impending implosion of VBS Bank is unsubstantiated."

Ramaphosa's office was reacting to an article in the City Press article alleging that a VBS shareholder had met the then deputy president and informed him of the looting.

African News Agency (ANA)