Screengrab of the www.vbsmutualbank.co.za website. The fallout from the VBS Mutual Bank continued on Friday as news circulated that as many as 100 VBS employees face possible retrenchment next month. File Image: IOL

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.

The ANC in Limpopo has been placed at the centre of the scandal as two of its officials, Vhembe Mayor Florence Radzilani and ANC provincial treasurer Dan Msiza, have been implicated in the report. 

The EFF has also been tainted by the scandal which saw its deputy president Floyd Shivambu being roped in through questions surrounding payments made to his younger brother Brian Shivambu.

Watch the debate below:

IOL