DA coming for those implicated in VBS Bank ‘Heist’


On Wednesday a forensic report called “The Great Bank Heist” compiled by advocate Terry Motau was released by the South African Reserve Bank.

The report provides details on “the great bank heist” that has occurred at VBS Mutual Bank.’

The report details a list of 27 individuals and companies who received more than R1.8 billion in large amounts siphoned from the bank, who range from senior African National Congress officials, former KPMG bosses and royalty.

Economic Freedom Fighter’s Deputy President Floyd Shivambu is reported to have also benefited from the ‘heist’ through his younger brother Brian who received R16m from the bank.

Floyd is alleged to have received an estimated amount of R10 million through his brother’s company Sgameka Projects.

The EFF on Wednesday said “all who are responsible and illegally benefitted from the fraud must be criminally prosecuted immediately” and “blacklisted”.

The Democratic Alliance is expected to lay charges against those who have been implicated in the report.

“The DA will lay criminal charges against those who have been named in the South African Reserve Bank report including the likes of Brian Shivambu who need to be held accountable for theft,” said party MP Solly Malatsi.