Evidence shows how ANC’s Danny Msiza allegedly benefited from VBS looting

News 24 has reported how new evidence before the high court shows that African National Congress (ANC) Limpopo treasurer general Danny Msiza allegedly personally benefited from the looting of VBS Mutual Bank.

On Tuesday, the ANC asked seven of its mayors linked to the VBS Mutual Bank saga to step aside.

Msiza allegedly received more than R1.5m paid to a company of which he and his wife are directors, from a middleman who facilitated multimillion-rand unlawful deposits from municipalities into VBS.

Investigative Journalist, Kyle Cowan explains.

He is one of the major power brokers in Limpopo. What we are looking at is someone who was involved in the VBS scandal from the point of view that he used his political influence and close ties to the business community at large in Limpopo to drive these investments in VBS Bank which as we know has resulted in municipalities in that province having severe financial difficulties.

Kyle Cowan, Investigative Journalist

The "The Great Bank Heist" report sort of detailed how the scheme worked.

Kyle Cowan, Investigative Journalist

Essentially what happened is that these municipal investments were made so that they could pay back other loans that were matured...and the bank eventually ended up with a R 700 million cash hold and they just couldn't fill it anymore. There wasn't enough money floating around municipalities to convince to keep the scheme going. That is where the criminality lies and what led to the collapse of VBS Mutual Bank.

Kyle Cowan, Investigative Journalist

It's understood Msiza has now resigned. In a letter addressed to secretary-general Ace Magashule, Msiza says his resignation is not an admission of guilt.

Click on the link below to hear more from Cowan....

Limpopo ANC provincial secretary Soviet Lekganyane says however he is 'unaware' of Msiza's resignation.

I do not have any knowledge of the letter. What I know is that the NWC met and received a report of the national Integrity Commission, the recommendations was in regard to the office bearers who were mentioned in the report, should step aside from their responsibilities in the ANC and refrain from attending activities in the African National Congress.

Soviet Lekganyane, Limpopo ANC provincial secretary

I don't know if he might have sent the letter to the office. But as far as I know I woke up this morning and I did not have any knowledge of it...

Soviet Lekganyane, Limpopo ANC provincial secretary

Click on the link below to hear more from Lekganyane....


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