Cosatu to take on ‘looters’

The Congress of South African Trade Unions in Limpopo plans to embark on rolling mass action against individuals and entities in the province who allegedly looted the collapsed VBS Mutual Bank.

Provincial secretary Gerald Twala said the labour federation would organise marches to the seven Limpopo municipalities that illegally deposited a combined R1 billion into the bank and demand that implicated officials and politicians resign.

“We are going to mobilise our alliance partners, civil society and the VBS depositors, the majority of whom are elderly and poor, to join the demonstrations,” Twala said.

“The federation will lead demonstrations on November 2 to all the seven implicated municipalities.”

The entities that deposited cash at VBS are reported to be Tubatse Fetakgomo, Greater Giyani, Lepelle Nkumpi, Collins Chabane, Ephraim Mogale, Makhado and the Vhembe district municipalies.

Implicated persons include provincial leaders of the national ANC, such as deputy chairperson and Vhembe mayor Florence Radzilani, treasurer Danny Masiza and former ANC Youth League leader Kabelo Matsepe.

An independent report into the collapse of VBS named 50 people and entities that “gratuitously” received cash from the bank over a three-year period commencing in March 2015.

The explosive report commissioned by the SA Reserve Bank found there was “widescale looting and pillaging of the monies placed on deposit at VBS”.

The nearly R2 billion looted included clients’ life savings and deposits and millions of rands deposited by municipalities, although the Public Finance Management Act does not permit depositing public funds into a mutual bank.

The report said the deposits were made in exchange for bribes. –

The federation will lead demonstrations on November 2 to all the seven implicated municipalities.

Gerald Twala Secretary of Congress of SA Trade Unions in Limpopo