Minister Ntshavheni Urges Prosecution for VBS Mutual Bank Looting

The aftermath of the VBS Mutual Bank scandal continues to unravel as Minister in the Presidency Khumbuzo Ntshavheni takes a firm stance on bringing those responsible to justice. During a statement ahead of a Cabinet Lekgotla meeting in Pretoria, Ntshavheni expressed her determination to see the alleged looters, including high-profile politicians and officials, donned in orange overalls for their crimes.

This strong call for accountability follows the disclosure of a damning affidavit by the bank’s former chairperson, Tshifhiwa Matodzi, detailing how individuals and groups embezzled around R1.9 billion from the financial institution. Within the intricate web of accusations, notable figures from the Economic Freedom Fighters (EFF) and the African National Congress (ANC), as well as former National Treasury Director-General Dondo Mogajane, were named as recipients of illicit payments.

The leaked affidavit from Thursday spotlighted a particular incident where Mogajane allegedly received a R1 million "gratification" to overlook illegal deposits from municipalities into the bank. Other key figures, such as Brian Shivambu and EFF leaders Julius Malema, have also been implicated in the situation according to Matodzi's claims.

Ntshavheni's comments illuminate the extensive damage the VBS saga has had, particularly on vulnerable groups in Vhembe, where citizens lost significant pension and savings funds. She underscored the government's efforts to put mechanisms in place to support the victims, but also admitted that earlier restitution efforts were insufficient to mitigate the profound losses.

In the wake of these revelations, Ntshavheni eagerly anticipates the day when those found guilty will face the legal consequences of their actions, emphasizing the government's ongoing commitment to support the judiciary in their prosecution efforts. As law enforcement agencies piece together the evidence, including Matodzi's detailed affidavit and the previous confession of the bank's CFO Philip Truter, the minister’s message is clear: perpetrators must be held accountable, and justice for the people must prevail.

With law enforcement actively pursuing leads and evidence, South Africans are waiting to see how the threads of this scandal will untangle, and how justice will be served to rectify the losses and restore confidence in the country’s financial and political institutions.