Today's Big Stories

Mysterious VBS Mutual Bank under the microscope

Questions have been asked about VBS Mutual Bank, the lesser-known financial institution which granted President Jacob Zuma a R7.8 million home loan.

On Monday, Treasury confirmed that Zuma had paid back the money owed for the non-security upgrades to his Nkandla homestead - just a day before he is due to answer questions in Parliament.

The DA has questioned whether the bank is a front, while other analyst have raised concerns about its liquidity.

It's reported that VBS Mutual Bank is one of the few financial institutions which offer home loans in respect of land owned by traditional authorities.

EWN's Barry Bateman explains two of the main shareholders in the bank are the Public Investment Corporation (PIC) with 25.26% and Dyambeu Investments with 25.22%.

Contested VhaVenda King Khosikhulu Toni Mphephu Ramabulana owns Dyambeu Investments, but Bateman says nothing untoward seems to be happening at the bank.

According to Bateman, the unknown nature of the financial institution has created public curiosity.

The bank currently has four branches in Limpopo's Thohoyandou‚ Sibasa‚ Makhado and in Rivonia, Johannesburg.

At the same time, Constitutional law expert Prof Shadrack Gutto says the Nkandla matter is far from over until there is clarity around the sources of the VBS Mutual Bank funds.

Listen to the full conversation from The Midday Report:


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