Limpopo ANC, VBS shareholders meet to resuscitate defunct bank

African National Congress (ANC) Secretary  in Limpopo, Rueben Madadzhe has confirmed that he and premier Phophi Ramathuba have met with former VBS bank shareholders to discuss plans to resuscitate the defunct bank.

This after the party directed the provincial government to start the process. The bank collapsed after nearly R2 billion was looted from it.

Several people including former ANC provincial treasurer, Danny Msiza have been charged with corruption and fraud related to the looting.

ANC spokesperson Jimmy Machaka says, “Let’s first allow the discussion between government and shareholders, PIC and all other relevant stakeholders to have that discussion should be necessary that the provincial government of Limpopo need to pop up certain money. We will deal with it at that time but surely, there will be a need to make that particular money available because that bank is our people’s heritage, it is in the interest of people of Limpopo to have that bank resuscitated.”

The African National Congress (ANC) on Wednesday confirmed that Justice Minister Thembi Simelane is appearing before the ANC’s Integrity Commission over the VBS saga.

Justice Minister Thembi Simelane accounts for VBS-related loan:

Simelane has previously appeared before the Portfolio Committee on Justice on the issue. She must still also account to her political party – the ANC.

A cloud hangs over Simelane’s head over allegations of links to VBS through a loan she received from a company, which is alleged to have had links to VBS and allegedly brokered deals between the Polokwane municipality and the now defunct mutual bank during Simelane’s tenure as Polokwane Mayor.