Parliament - It was a tense day in Parliament on Tuesday as Members of Parliament (MP) discussed the Venda Building Society (VBS) Bank scandal.
MPs are debating the report titled "The Great Bank Heist" which was released two weeks ago and details the harrowing details of how money was looted from the bank.
In the report, which was commissioned by the SA Reserve Bank (Sarb), it was found that 53 people received various illegal payments from VBS over a number of years. The payments amounted to R 1.89 billion.
These illegal payments had placed depositors’ monies at risk.
Advocate Terry Motau, who headed up the investigation into the bank, said in the report titled “The Great Bank Heist”, that it was unlikely that the bank could be saved.