Reserve Bank denies any regulatory supervisory failures in the VBS saga

Governor of the Reserve Bank, Lesetja Kganyago, gave his reaction on what's been happening at the International Monetary Fund (IMF) meeting in Indonesia.

The issue of political uncertainty in the country was raised.

But Kganaygo says he is glad that the uncertainty has been removed with the appointment of the new Finance Minister who is someone they know because he was previously the Reserve Bank governor.

Read: R10 million siphoned from VBS to Floyd Shivambu's personal account

In this current environment where you have a turmoil in the global financial market the last thing you want is to have any idiosyncratic uncertainty that we have to deal with and I was glad that by the time we got here that uncertainty with the minister of finance was resolved.

Lesetja Kganyago, Governor of the Reserve Bank

Kganyago also commented on the forensic report on VBS Bank after it was placed under curatorship in March 2018.

The forensic report describes a criminal enterprise led by executives of the bank, which includes senior ANC officials and members of the EFF.

He says the report speaks for itself and now that it is available it will be handed to the relevant law enforcement authorities so that those implicated can be brought to book.

Apart from that, we wouldn't like to comment on the contents of the report. It has to be read in its entirety.

Lesetja Kganyago, Governor of the Reserve Bank

Kganyago also denied that as the regulator the Reserve Bank he failed to monitor what was going on with the bank.

We were attacked for placing the bank under curatorship and we did what all regulators do in terms of conducting investigations and those investigations have come out and let South Africans debate on the basis of that report.

Lesetja Kganyago, Governor of the Reserve Bank

From where I am sitting I can safely say that we did not have any regulatory supervisory failures. We will continue with the assessments and if there are changes that must be linked to our supervisory approach we can always do it. The fact remains that we needed to find out what was going on with the bank.

Lesetja Kganyago, Governor of the Reserve Bank

Spokesperson for the National Prosecuting Authority Luvuyo Mfaku says the report cannot be used as evidence in court to prosecute but it has to be subjected to an investigation.

However, that report is not useless. It is a report that is going to give the investigating officers light to ensure that when they draft their investigations they know exactly what to look for.

Luvuyo Mfaku, Spokesperson for the National Prosecuting Authority

To hear the rest of the conversations, listen below:


This article first appeared on CapeTalk : Reserve Bank denies any regulatory supervisory failures in the VBS saga


Recommended

by NEWSROOM AI
Read More
'EFF should trade red overalls for orange ones'

'EFF should trade red overalls for orange ones'

Callers to the Eusebius McKaiser show weighed in on the VBS scandal.

R10 million siphoned from VBS to Floyd Shivambu's personal account

R10 million siphoned from VBS to Floyd Shivambu's personal account

Top ANC officials, along with senior EFF members are among those being fingered in the scandal relating to more than R1 billion being siphoned out of VBS Mutual Bank.

'VBS is being investigated and there is progress in that regard' - Hawks

'VBS is being investigated and there is progress in that regard' - Hawks

A report published by the SARB shows that close to R2 billion had been looted from the bank by over 50 individuals.

 VBS Mutual Bank 'heist' report recommends criminal charges

VBS Mutual Bank 'heist' report recommends criminal charges

The report was released to the public on Wednesday, implicating VBS directors and executives who pocketed millions.

Execs at VBS Mutual Bank plundered it to death, it can’t be saved - report

Execs at VBS Mutual Bank plundered it to death, it can’t be saved - report

"VBS Mutual Bank — The Great Bank Heist". Bruce Whitfield interviews Intellidex Financial Analyst Stuart Theobald.

The missing R80 million from Community Schemes Ombud Service is with VBS bank

The missing R80 million from Community Schemes Ombud Service is with VBS bank

The bank is currently under curatorship which means the money cannot be accessed.

VBS Bank reports are very mischievous and misleading - ANC Limpopo

VBS Bank reports are very mischievous and misleading - ANC Limpopo

ANC Limpopo responds to questions raised around it reviving VBS Bank.

Billionaire Patrice Motsepe’s ARC to form South Africa’s first black-owned bank

Billionaire Patrice Motsepe’s ARC to form South Africa’s first black-owned bank

The Money Show's Bruce Whitfield interviews Sandile Shabalala (CEO, TymeDigital) and Johan van der Merwe (co-CEO, ARC).

Popular articles
ASOM: You can be a groundbreaker, a leader and a lady - Lerato Mbele-Roberts

ASOM: You can be a groundbreaker, a leader and a lady - Lerato Mbele-Roberts

BBC World News journalist, Lerato Mbele-Roberts shares a personal story of her experience at her Alma Mater (St Mary's School).

I've finally decided to start my 1st solo project - Zolani Mahola, Freshlyground

I've finally decided to start my 1st solo project - Zolani Mahola, Freshlyground

On the #WeekendBreakfast with Africa Melane, Zolani Mahola of Freshlyground tells us all about her first solo project.

Stormy weather expected over parts of South Africa

Stormy weather expected over parts of South Africa

The South African Weather Service is predicting some much-needed rain over some parts of South Africa over the weekend.

'VBS stolen money bought the most useless things like Ferraris and helicopters'

'VBS stolen money bought the most useless things like Ferraris and helicopters'

Deputy editor at Finacial Mail Sikonathi Mantshantsha says it is mind-boggling why no one has been arrested in the VBS saga.

R10 million siphoned from VBS to Floyd Shivambu's personal account

R10 million siphoned from VBS to Floyd Shivambu's personal account

Top ANC officials, along with senior EFF members are among those being fingered in the scandal relating to more than R1 billion being siphoned out of VBS Mutual Bank.

Sunday Times has seven days to confess to state capture role, warns O'Sullivan

Sunday Times has seven days to confess to state capture role, warns O'Sullivan

Private eye Paul O'Sullivan says the Sunday Times was an integral part of state capture and needs to come clean or face a boycott.

[WATCH] Sing with us: 'I can feel it coming  in the deer tonight'

[WATCH] Sing with us: 'I can feel it coming in the deer tonight'

Khabazela shares some of the most popular tweets, posts, and videos on 'What's gone viral'.

[WATCH] Is it a cow's penis or an udder? Well, this kid thinks it's a penis

[WATCH] Is it a cow's penis or an udder? Well, this kid thinks it's a penis

Check out the videos, tweets, Facebook posts that have gone viral and why this kid cheered her dad on in the toilet.