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Tense debate expected in Parliament as MPs discuss #VBSHeist

By Zintle Mahlati Time of article published Oct 23, 2018

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Johannesburg - It is expected to be a tense day in Parliament on Tuesday as MPs are expected to discuss the Venda Building Society (VBS) scandal. 

MPs will debate 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, 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.

Pressure has been mounting for authorities to investigate the matter and arrest all those who have been implicated. 

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.

Brian Shivambu, Floyd's younger brother, is alleged to have received R16 million from VBS. The Daily Maverick reported that the EFF had received R1.3 million of the funds while Floyd Shivambu received R10 million of those funds.  

The brothers and the EFF have both denied receiving illegal payments from VBS. 
MPs are expected to have tough words for authorities with the DA promising to demand accountability for depositors that lost their monies. 

The DA is also leading a march to the Limpopo premier's office to submit a memorandum demanding that Premier Stan Mathabatha take action against individuals that have been implicated in the report.


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