Another political party pulled into VBS looting scandal: report

The South African Community Party (SACP) is the latest to be pulled into the growing VBS Mutual Bank looting scandal, with allegations being made that the party was paid off for silence.

This is according to a new report by the City Press, which spoke to one of the implicated executives involved in the scandal.

The bank’s leaders have been accused of looting R2 billion from its coffers, resulting in the group going under, and the South African Reserve Bank moving to shut it down.

It was previously revealed that  R2 million made its way into the hands of the ANC, to fund its 2016 election campaign, while it has been alleged that millions more ended up with the EFF, through the brother of its deputy leader, Floyd Shivambu.

Now the aforementioned executive has told the City Press that R3 million was paid to the SACP, which the party used to fund one of its conferences.

He claims the money was paid as ‘hush money’, to buy the party’s silence on the links between VBS and the Gupta family.

He said that the bank was approached by the SACP itself demanding the payment, and in return it would “stop making noise” about VBS and the Guptas.

The money would eventually not be paid to the SACP directly, but would go to one of the service providers handling things for the party’s conference.

Another insider at the bank confirmed that VBS had paid for the catering at the SACP conference.

The SACP denied receiving any money from VBS or its parent group Vele Investment.

The party said that it has been very vocal against the Gupta family and will continue to do so, and will deepen its “just struggle”.

You can read the full story in the City Press for 11 November.


Read: ANC admits to getting R2 million from VBS

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Another political party pulled into VBS looting scandal: report