NEWS & ANALYSIS

VBS Bank have rejected Gupta corruption – EFF

Fighters commends institution for closing the business accounts of that family

EFF welcomes the VBS Mutal Bank's decision to close Gupta's business accounts

4 July 2017

The EFF welcomes the recent decision by Venda Building Society Mutual Bank to close the business accounts of the Guptas and terminate business relations with them going forward. It is stated that VBS Bank told the Guptas that in line with their risk appetite framework, they have declined Guptas' request for new accounts and continued relationship with the bank.

Venda Building Society Mutual Bank is one of the few financial institutions owned by black people. Although they granted Zuma a R7. 8 million loan to repay his Nkandla debt, they have proven that they reject corruption. We welcome their decision in relation to the Guptas as an important proof that they refuse to be associated with corruption.

More often, black owned and led institutions are associated with nepotism, corruption and kleptocracy. As a black institution, VBS Bank is rejecting this image and legacy of post-colonial black led institutions, charting itself on a path of honest dealings and clean business practices.

We call on all other black led institutions to always act decisively against corruption as did VBS Bank. There must be no Bank both locally and abroad willing to save the corrupt money of the Guptas. With VBS Bank now also closing their account it means they will have no place to hide the taxpayers money they are looting except in Dubai.

A family like the Guptas must be isolated by all South Africans. It is a mafia family right at the center of turning our democratic heritage into a meaningless and corrupt ridden system based on nepotism, cronyism and general kleptocracy.

Issued by the Economic Freedom Fighters, 4 July 2017