- The CEO of VBS Andile Ramavhunga told the ongoing probe into the bank’s financial collapse that the ANC, EFF and even the DA had requested funding from the bank
- In his testimony, Ramavhunga said all three parties had approached VBS for sponsorship of various political events
- Ramavhunga said he did not recall whether any payments were made to the EFF or DA
The CEO of VBS Mutual Bank Andile Ramavhunga has told a probe into the bank’s financial collapse that the African National Congress (ANC), Economic Freedom Fighters (EFF) and even the Democratic Alliance (DA) had all asked the bank for funding.
Ramavhunga testified in the ongoing probe into possible fraud and misconduct which is being led by Advocate Terry Motau. He said all three parties had approached VBS for sponsorships of various political events which would have served to create brand awareness.
Ramavhunga said he did not recall whether or not the bank ever approved these sponsorship deals with either of the EFF or DA.
Briefly.co.za gathered that Ramavhunga denied that the United Democratic Movement (UDM) had ever approached the bank for funding but added that certain unions had asked for funds in the same way in which the political parties did.
Ramavhunga said these political sponsorships were invaluable to VBS because the bank would be allowed to put its logo up at meetings where thousands of people would see it, this, in turn, would create brand awareness and should, in theory, have led to increased customers.
News24.com reported that its affiliate CityPress had viewed a document which the DA’s Solly Malatsi sent to both the EFF and ANC urging both party’s to publicly reveal any funds which they might have received from VBS and to repay those funds.
Malatsi addressed ANC secretary-general Ace Magashule about a damning report which seemed to indicate that the ruling party had received R250,000 from VBS a week before the ANC’s gala-dinner event.
In his letter to Magashule, Malatsi said if the new ANC leadership were indeed committed to ending fraud, corruption and breaking away with the habits of the past it needed to act boldly against these allegations.
Malatsi’s letter to the EFF reportedly took on a similar tone and said if they EFF had received any money from VBS the party should reverse the payment because the funds were tainted by fraud and were in-effect public funds.
Executives at VBS have been accused of plundering around R1.5 billion from the deposits made into the bank.
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