All the moments from Ramaphosa’s Q&A in Parliament

President Cyril Ramaphosa says all those who took part in facilitating corruption at VBS Mutual Bank should face the full might of the law.

“The report presents a deeply disturbing picture of theft and corruption on a massive scale. It is essential that all those who are responsible for facilitating this fraud, this corruption and all those who have benefited from it must be held accountable.”

EFF leader Julius Malema then asked Ramaphosa if shutting down the troubled bank would remedy the situation, further suggesting to the President to rather deal with the culprits through the law but keep VBS open for business.

“Do we close down the school because the principle and management stole the money of the school fees and not only the school fees but have vandalised the school. Once we come to the conclusion that they have stolen, they’ve even vandalised the school, do we close the school or do we arrest the culprit and save the school?”

Ramaphosa agreed with the red beret leader, saying VBS should be kept open for business as it served ordinary community members in Limpopo.

“The notion, the idea of VBS, in my view should be remain alive becuase that is a bank as you correctly say that served people in the rural areas, that served the poor. That is a bank that many poor people in the rural areas had a great deal of confidence in much more than any other banks. “

The president went on to say that once the VBS saga has been resolved, the bank should be revived.

“Once we have cleaned up this mess I will support that VBS should be reestablished and should rise from the ashes.”

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