Johannesburg - President Cyril Ramaphosa has denied reports that he was forewarned about the implosion of the Venda Building Society (VBS) months before it was placed under curatorship by the SA Reserve Bank.
City Press 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 report titled "The Great Bank Heist" on Wednesday and it detailed how R2 billion was illegally paid out to 53 individuals between 2015 and 2018.
The presidency said in a statement issued on Monday that the claims linking the president to the promise were "baseless and unsubstantiated".
Ramaphosa only found out about the illegal dealings at the bank through official channels including the National Treasury, the presidency said.