S. AFRICAN RULING PARTY WARNS TO FIRE ERRANT MEMBERS OVER BANK SCANDAL

JOHANNESBURG, South Africa- South Africa’s ruling party, the African National Congress (ANC), on Monday, said, all members involved in the looting of the VBS bank should be suspended.

ANC integrity commission, met last Saturday and Sunday, to consider the members mentioned in the VBS bank scandal.

Some of the ANC members were part of the 53 people, who are accused of looting the money, from the VBS bank.

According to report, released by the Reserve Bank of South Africa (SARB), shareholders and other individuals received some money, from the VBS bank, in an improper manner.

The VBS shareholders hide the bank’s financial position to the regulators and the SARB.

A total of 53 individuals and companies received gratuitous payments from the bank, leaving it unable to service the depositors.

“The national integrity commission is of the view that the reputation and credibility of the ANC has been seriously damaged. The national integrity recommends to the national executive committee, that these members should be directed to step aside, from all leadership positions and all activities of the ANC,” said chairperson of the ANC national integrity commission, George Mashamba.

Source: NAM NEWS NETWORK

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