South Africa’s President Cyril Ramaphosa on Monday denied accusations that he ignored widespread looting and financial misconduct at a major retail bank that collapsed weeks after he came into office.
VBS Mutual gained notoriety in 2016 when it lent scandal-tainted former president Jacob Zuma $540,000 (466,000 euros) to repay taxpayers for upgrades he made to his private home.
Ramaphosa dismissed local media claims that he was forewarned about massive fraud at VBS months before it collapsed earlier this year while he was still deputy president and that he failed to act.
“The presidency categorically rejects reports that President Cyril Ramaphosa failed to take action on the VBS Bank saga despite being alerted to irregularities back in 2017,” said a statement from his office.
“The allegation is baseless and unsubstantiated.”
His office added that “the claim that President Ramaphosa was forewarned about the impending implosion of VBS Bank is unsubstantiated.” Read more
