President Cyril Ramaphosa speaks in parliament in Cape Town. File picture: Sumaya Hisham/Reuters

Cape Town - President Cyril Ramaphosa is answering questions in the National Assembly about the Venda Building Society (VBS) Mutual Bank scandal.

The Democratic Alliance (DA) wants to know when President Cyril Ramaphosa was alerted to the looting that took place at the VBS Bank. 

The City Press newspaper reported that Ramaphosa was informed last year by a major shareholder at VBS about the "looting" at the bank. The shareholder said Ramaphosa had promised to do something about it. 

The SA Reserve Bank released the extensive VBS report titled "The Great Bank Heist" last week and it detailed how R2 billion was illegally paid out to 53 individuals between 2015 and 2018.

Ramaphosa has denied reports that he was forewarned about the implosion of VBS months before it was placed under curatorship by the SARB. 

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