The Congress of South African Trade Unions (COSATU) applauds the recovery of R670-million by the liquidators of VBS Mutual Bank. Albeit a fraction of the billions siphoned from the bank, the recovery of the funds is an indication of the wheels of justice turning in the right direction.

Through the collection efforts of the bank’s liquidators, verified creditors will be reimbursed monies deposited to the institution before it collapsed in 2018. These include municipalities, trade creditors and around 458 retail clients who each had invested over R100 000 into the bank.

COSATU applauds this development in the regrettable demise of the now defunct bank that grew from humble beginnings to being decimated by greedy looters who stole from thousands of customers, most of which were elderly and low-income earners. The Federation also hopes that more funds will be clawed back for them in the near future. They lost their hard-earned savings through the corruption of unscrupulous individuals and implicated politicians.

Whilst we acknowledge progress made by the Directorate for Priority Crime Investigation (Hawks), together with the National Prosecuting Authority (NPA) in their investigations to ensure accountability, we look forward to more convictions and arrests. Their work is notable with 35 arrests made to date, 5 455 statements recorded as part of the probe and six convictions including last year’s sentencing of the former VBS Mutual Bank chairperson, Tshifhiwa Matodzi, to 15 years in prison for the theft of more than R1.9 billion.

Furthermore, a suitable course of action must be implemented for municipalities that unlawfully invested public funds meant for service delivery into VBS. The Office of the Public Protector found the conduct of these municipalities to have been improper and constituted maladministration in terms of the Public Protector Act and the Municipal Finance Management Act (MFMA).

Now that some of the funds have been recovered, it is critical that they be channeled where they should have been to begin with – towards service delivery.

All the citizens adversely affected by the heist of the bank deserve redress in one way or another, to remedy the crimes committed by the embezzlers of VBS.

Sadly, the lives of our slain comrades Roland Mani and Timson Tshililo Thabang Maupa, who were brutally murdered for blowing the whistle against the VBS heist, can never be recovered.

It is also critical that the remaining persons who looted VBS to the point of collapse, are arrested and tried and their assets attached. Justice must be seen to be done, even if the guilty continue to haunt the corridors of Parliament, the Limpopo Provincial Legislatures, and various municipalities.

Issued by COSATU

Zanele Sabela (National Spokesperson)

Mobile: 079 287 5788

Email: zaneles@cosatu.org.za