Reserve Bank denies any regulatory supervisory failures in the VBS saga

Governor of the Reserve Bank, Lesetja Kganyago, gave his reaction on what's been happening at the International Monetary Fund (IMF) meeting in Indonesia.

The issue of political uncertainty in the country was raised.

But Kganaygo says he is glad that the uncertainty has been removed with the appointment of the new Finance Minister who is someone they know because he was previously the Reserve Bank governor.

Read: R10 million siphoned from VBS to Floyd Shivambu's personal account

In this current environment where you have a turmoil in the global financial market the last thing you want is to have any idiosyncratic uncertainty that we have to deal with and I was glad that by the time we got here that uncertainty with the minister of finance was resolved.

Lesetja Kganyago, Governor of the Reserve Bank

Kganyago also commented on the forensic report on VBS Bank after it was placed under curatorship in March 2018.

The forensic report describes a criminal enterprise led by executives of the bank, which includes senior ANC officials and members of the EFF.

He says the report speaks for itself and now that it is available it will be handed to the relevant law enforcement authorities so that those implicated can be brought to book.

Apart from that, we wouldn't like to comment on the contents of the report. It has to be read in its entirety.

Lesetja Kganyago, Governor of the Reserve Bank

Kganyago also denied that as the regulator the Reserve Bank he failed to monitor what was going on with the bank.

We were attacked for placing the bank under curatorship and we did what all regulators do in terms of conducting investigations and those investigations have come out and let South Africans debate on the basis of that report.

Lesetja Kganyago, Governor of the Reserve Bank

From where I am sitting I can safely say that we did not have any regulatory supervisory failures. We will continue with the assessments and if there are changes that must be linked to our supervisory approach we can always do it. The fact remains that we needed to find out what was going on with the bank.

Lesetja Kganyago, Governor of the Reserve Bank

Spokesperson for the National Prosecuting Authority Luvuyo Mfaku says the report cannot be used as evidence in court to prosecute but it has to be subjected to an investigation.

However, that report is not useless. It is a report that is going to give the investigating officers light to ensure that when they draft their investigations they know exactly what to look for.

Luvuyo Mfaku, Spokesperson for the National Prosecuting Authority

To hear the rest of the conversations, listen below:


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