Deputy Finance Minister says VBS looting is an insult to black excellence

Deputy Finance Minister says VBS looting is an insult to black excellence

- The Deputy Minister of finance said it's an insult to black excellence to associate black people with the VBS looting

- Mondli Gungubele told parliament it's clear that there was a blatant intention to loot the collapsed bank

- He also praised the Reserve Bank for placing the collapsed bank under curatorship

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It's an insult to associate black excellence and black people with the VBS Mutual Bank scandal that has rocked South Africa. This is according to Mondli Gungubele, the Deputy Finance Minister.

While speaking to parliament, Gungubele said when VBS was taken over four years ago, there was a clear intention to loot the bank, if one considers the information contained in the Reserve Bank's report.

According to Eyewitness News, the report, dubbed The Great Bank Heist, was debated on Tuesday in the National Assembly. learned there were calls for quick action to be executed against the 50 people and companies implicated in the report.

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Gungubele said the Reserve Bank had good reason to trust the bank was in good hands. Some people lambasted the Reserve Bank for not picking up sooner that the bank was being looted.

The deputy minister pointed out the collapsed bank boasted with highly qualified executives and said it had reliable auditors.

Gungubele told parliament there's no worse insult to black excellence than to allow a bank to be run in this fashion.

The minister said it's clear the bank's executives wanted to exploit VBS and acted with the intention to loot it.

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It was reported earlier that nearly R2 billion was looted from the bank.

“This is criminality, this is corruption, this is theft. There's nothing black about it.”

Meanwhile, Gungubele praised the Reserv Bank for putting VBS Mutual Bank under curatorship.

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