VBS Heist: New ANCYL links shows that the ANC is a criminal syndicate
22 March 2019
The Democratic Alliance (DA) in Limpopo reiterates its call for all those implicated in the VBS scandal to be immediately arrested after reports of Kabelo Matsepe allegedly benefitting and stealing R35.4m from vulnerable Limpopo depositors and municipalities through the looting of VBS bank.
His job was supposedly to get municipalities to invest taxpayers’ money in VBS Mutual Bank, even though it was in contravention of the Municipal Finance Management Act (MFMA) and Municipal Investment Regulations.
This resulted in the illegal investment of almost R2 billion by eleven Limpopo municipalities into the controversial Venda Building Society (VBS) Mutual Bank
The former Limpopo ANC Youth league (ANCYL) leader Matsepe’s involvement in the VBS looting is another example of the corrupt ANC being at the heart of the collapse of the VBS bank that resulted in thousands of customers losing their savings and municipalities unable to render services and pay their employees.
It is alleged that Kabelo Matsepe spent the looted VBS funds on a R2.39-million Range Rover that was financed through VBS Mutual Bank and no instalments were paid back to VBS, a R5.5-million bonded house in Midstream Estate, Centurion and the balance of the R35.4-million was sent to Matsepe’s company, Moshate Investment Group.
It is totally unacceptable that individuals implicated in the looting of funds which were intended for service delivery and the upliftment of Limpopo residents are allowed to walk the streets freely.
The DA will not rest until these individuals are held to account and arrested for their roles in the VBS looting.
Our communities need a competent and transparent government that prioritizes the fight against corruption and self-enrichment by the politically connected.
The DA is committed to fight corruption and the abuse of state resources while building One South Africa For All.
Issued by Jacques Smalle, DA Limpopo Premier Candidate, 22 March 2019