VBS acted illegally and knew it - Bongani Bingwa

In South Africa, there are hardly any issues that, when politicised, do not become ultimately about race. Perhaps, given our history, it would be naive to expect anything else, says Bongani.

Bongani Bingwa says whilst there are obvious injustices from the past that will last many life times, it is dangerous and counter productive to make everything about race.

READ: Why VBS Mutual Bank placed under curatorship

It is especially insulting when race is used as an argument to justify wrong-doing or to ask that we look the other way. It almost never serves the people who really suffer because of their race , locked in grinding poverty with public institutions, from health to education to safety and security that regularly fail them.

Bongani Bingwa, Breakfast Show Host

Why is it after being on the front page of one of the biggest daily's in the country, no-one in authority has contacted Nompumelelo Sibiya? Yes, they can't give her her babies back, but at the very least, someone needs to say, we see you. We see your pain. You are a human being. You are one of us and you matter.

Bongani Bingwa, Breakfast Show Host

READ: "Nurses closed the curtain and left me to deliver my babies on my own"

But instead there has been silence. When a black owned company, due to little else other than greed and vaulting ambition, deliberately acted illegally, authorities are expected to look away.

Bongani Bingwa, Breakfast Show Host

VBS Bank acted illegally and knew it. And for a while it didn't matter because authorities were looking the other way. VBS had political cover. They were protected. The loan to former president Zuma was no co-incidence. If you believe that, you're likely expect a R5 coin under your pillow every time your tooth aches!

Bongani Bingwa, Breakfast Show Host

But there is no tooth fairy to rescue them. VBS took large deposits from a few municipalities and projected itself as a success story because it grew its balance sheet from 350 million to over 2 billion in less than three years. This after 36 years in existence. What formula had it suddenly figured out? Political connections. It was always a house of cards. Monopoly money.

Bongani Bingwa, Breakfast Show Host

For the full version of Bongani Bingwa's comment listen below:


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