Screengrab of the www.vbsmutualbank.co.za website
Johannesburg - The ANC in Limpopo says it will conduct its own investigation into the VBS Bank scandal, this despite the fact that a report detailing the looting of funds has already been released by the SA Reserve Bank (SARB). 

The SARB released the extensive report titled "The Great Bank Heist" on Wednesday and detailed how R2 billion was illegally paid out to 53 individuals between 2015 and 2018. 

A number of those who received the illegal payments were politically connected individuals. Danny Msiza, the ANC treasurer in Limpopo, had been fingered as a middleman of the scam in the report. 

EFF deputy president Floyd Shivambu's younger brother, Brian,  was also named as a recipient of the funds. He was paid R16 million and some of it was allegedly paid out to his older brother. 

Even with the detailed report of the "heist" the ANC in Limpopo said it will do its own investigation and only then will it take steps regarding those implicated. 

Phuti Seloba, the Limpopo provincial spokesperson, said the province's investigation could take up to a month to be finalised. 

Read the full report: 


"Our own forensic investigation is underway and in a month or a few days time, we should be done with the investigation. Once we get the findings and the recommendations, we are going to implement each and every recommendation," said Seloba on eNCA.

 He said the province was worried about the trust deficit that the VBS scandal had caused amongst citizens and that there was a need to rebuild it. 

"This is just so we can bridge the trust deficit between the government and the people we are serving. We need our people to have confidence in us and that their money is safe with us. So we are not going to sugarcoat anything. This Reserve Bank report will be used as a point of reference," said Seloba. 

Meanwhile, the ANC national working committee meets on Monday and is expected to discuss the scandal. 

The ANC's head of elections Fikile Mbalula said "heads would roll" regarding the VBS scandal.

IOL