President Cyril Ramaphosa answering questions from the members of Parliament. File photo: Phando Jikelo/African News Agency/ANA

CAPE TOWN – President Cyril Ramaphosa said on Tuesday that the fraud and corruption that took place at VBS Mutual Bank was a tragedy against the most vulnerable in society, and that action must be taken against those responsible for the crime. 

The President said this when responding to oral questions in the National Assembly on Tuesday, according to a report by

The President also called for action to be taken against those municipal officials, and in some cases “political officials”, who deposited municipal funds into the mutual bank knowing that it was not legal and that their actions could lead to significant financial losses to those individual municipalities. 

“The real tragedy of VBS is that money was stolen from those in our society who could least afford it. That is why we must act against those who are responsible for destroying VBS and for all those in private companies, in SOEs and other parts of the state who are trying to steal our country’s future,” he said. 

This after DA leader Mmusi Maimane, had asked the President what he had done upon learning of the revelations that occurred at VBS Mutual Bank that led to it being placed under curatorship. 

The president also confirmed that his son Andile, who runs a consultancy firm, received money from corruption-accused facilities management company Bosasa. 

Ramaphosa denied that the payment to his son was for dubious dealings and said he had inquired to him about the payment. He said he has always advised his children not to do business with the state. 

"He is running a clean business. If it turns out there was any irregularity or corruption I will be the first, I assure you Mr Maimane, I will be the first to make sure he becomes accountable. I will take him to the police station myself," said Ramaphosa.