Reserve Bank’s Prudential Authority to appeal VBS ruling
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The SA Reserve Bank’s Prudential Authority (PA) said on Wednesday that it will appeal a judgment setting aside findings that advocate Terry Motau made against ANC politician Danny Msiza in his explosive report about the wide-scale looting that collapsed VBS Mutual Bank.
The PA, which is responsible for regulating banks, insurers, co-operative financial institutions, and financial conglomerates, among other things, said it has considered the judgment and, “following the senior counsel’s advice that there are good grounds to appeal the judgement, will proceed to file an application for leave to appeal”.
It said its grounds for appeal would be covered in its application.
Msiza allegedly used his political influence as the ANC Limpopo’s provincial treasurer to coerce municipal officials into unlawfully investing millions of rand in the bank, Motau found in his investigation.
“It is clear that Msiza intervened on numerous occasions when his political influence was required,” Motau stated.
However, Pretoria High Court judge Vivian Tlhapi ruled that Motau had denied Msiza, reportedly a key ally of ANC secretary-general Ace Magashule, “procedural fairness” by not hearing his side of the story before finding that he was a “kingpin” in the VBS Mutual Bank looting.
The adverse findings he had made against Msiza were thus set aside.
mkentanel@businesslive.co.za (mailto://mkentanel@businesslive.co.za)
The PA, which is responsible for regulating banks, insurers, co-operative financial institutions, and financial conglomerates, among other things, said it has considered the judgment and, “following the senior counsel’s advice that there are good grounds to appeal the judgement, will proceed to file an application for leave to appeal”.
It said its grounds for appeal would be covered in its application.
Msiza allegedly used his political influence as the ANC Limpopo’s provincial treasurer to coerce municipal officials into unlawfully investing millions of rand in the bank, Motau found in his investigation.
“It is clear that Msiza intervened on numerous occasions when his political influence was required,” Motau stated.
However, Pretoria High Court judge Vivian Tlhapi ruled that Motau had denied Msiza, reportedly a key ally of ANC secretary-general Ace Magashule, “procedural fairness” by not hearing his side of the story before finding that he was a “kingpin” in the VBS Mutual Bank looting.
The adverse findings he had made against Msiza were thus set aside.
mkentanel@businesslive.co.za (mailto://mkentanel@businesslive.co.za)
