South African Transport and Allied Workers’ Union (SATAWU) has seen the report by Advocate Terry Motau into the circumstances that led to the demise of VBS Mutual Bank.
Released today, the report details how the directors of the bank and their associates looted more than R2 billion from the bank’s coffers between 2015 and early 2018.
SATAWU has also noted the report makes mention that a group of SATAWU officials were paid a R1.5 million bribe late last year, to facilitate a R1 billion deposit by the Passenger Rail Agency of South Africa (Prasa) into VBS bank.
SATAWU is still studying the report. However, we would like to assure our members and the public at large that if it emerges that any of our staff were involved in this debacle, appropriate action will be taken.
For media queries contact:
Zanele Sabela, SATAWU Media Officer
011 403 2077/ firstname.lastname@example.org