VBS Bank: No to renewal of contract

We call on the West Rand District Council not to renew the contract of the Chief Financial Officer (CFO), who is implicated in the VBS forensic audit report.

The CFO’s current contract ends in June this year and we have learned that he has been shortlisted again as a candidate for the same position.

For far too long, we have called on the government in the West Rand District to make public the forensic audit report on the West Rand District Municipality’s illegal investment with VBS Mutual Bank, yet they have ignored our call.

The West Rand District Municipality invested R81 million with the now defunct VBS Mutual Bank. The ruling party in the West Rand District does not want to release the report because it implicates the CFO, who contravened the Municipal Finance Act [56 of 2003] by investing with VBS Mutual Bank.

We have learnt that Luthuli House is shielding the CFO and is putting pressure on its West Rand District counterparts to renew his contract.

The fact that the ruling party in the West Rand is delaying the release of this forensic audit report is an indication that they are not serious about dealing with corruption and wants to sweep this under the carpet.

We call on the Gauteng Premier to intervene as a matter of urgency and ensure that the forensic audit report into the VBS investment is released and that those implicated in the report are called to account. The Premier must ensure that the CFO’s name is removed from the shortlist for the CFO position.

We believe that for Gauteng to prosper, we must fight corruption at all levels – in the legislature, in our cities and townships, our communities and informal townships.