President Cyril Ramaphosa rejects being forewarned on VBS Bank saga

Presidency media statement

The Presidency categorically rejects reports that President Cyril Ramaphosa failed to take action on the VBS Bank saga despite being alerted to irregularities back in 2017.

The allegation is baseless and unsubstantiated.

President Ramaphosa has no knowledge of any meeting where he is said to have met any person associated with VBS Mutual Bank where he was purportedly briefed on the matter.

Likewise, the claim that President Ramaphosa was forewarned about the impending implosion of VBS Bank is unsubstantiated.

The VBS Bank saga was brought to the attention of the President through official government channels including the National Treasury.

The President subsequently requested a comprehensive report from the Treasury on this matter and continues to be guided by it on all matters relating to VBS.

The President reiterates that the relevant law-enforcement and prosecutorial authorities should act with haste and vigour against those behind this unconscionable act of criminality against the most vulnerable in society.

South Africans should not be misled by attempts to divert attention away from those responsible.