The Economic Freedom Fighters decried the demise of VBS Mutual Bank but was mum on the alleged involvement of Brian Shivambu, the brother of the party's Deputy President, Floyd Shivambu, in what has been dubbed "The Great Bank Heist".
A report commissioned by the Reserve Bank into the failed VBS Mutual Bank and released on Wednesday contained explosive details of how close on R2bn was looted by the bank's top management and their associates, which allegedly included Brian Shivambu, who reportedly pocketed R16m.
In a statement on Wednesday, the EFF, which has been vocal on clamping down on corruption, did not comment on the allegations against Brian Shivambu, with the red berets calling on the law to take its course and that those responsible be held accountable.
"The EFF reiterates its position that all those who are responsible and illegally benefited from the fraud must be criminally prosecuted immediately. As we previously indicated, we also reiterate that they must be blacklisted," the EFF said.
"Above all, the law enforcement authorities must ensure that all the monies that can be recovered, is paid back in full, including attaching properties from the individuals who benefited. The fact that the bank cannot be saved was of great concern, said the EFF.
The report by Advocate Terry Motau who was appointed by the SA Reserve Bank to probe the collapse of the mutual bank that was placed under curatorship was titled the "The Great Bank Heist" and showed that at least 50 people "gratuitously" received R1.894 billion from the bank over a three-year period starting in March 2015.
Motau, assisted by Werksman Attorneys, found that there was "wide-scale looting and pillaging of the monies placed on deposit at VBS".
The monies were clients' life savings and deposits, including millions of rands deposited by municipalities.
- African News Agency (ANA)
