Malema said he insisted to President Cyril Ramaphosa that VBS Bank had to be saved because it was a "black bank".
Pensioners and stokvel holders lost out on funds deposited to the bank. Along with ordinary people, 20 municipalities illegally deposited funds to the bank and some have been unable to recover the funds. The EFF is alleged to have benefited from VBS funds paid to Sgameka Projects, a company run by Brian Shivambu – the brother to deputy president Floyd Shivambu. Sgameka is alleged to have forwarded over R5 million of the R16 million received from VBS to Mahuna Investments, a company run by Malema's cousin, the Daily Maverick reported.
"We wanted to defend the pride of the Venda people by demanding that the bank should not be closed. We said arrest those that stole the money and recover the money stolen and pay the depositors.
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