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Democratic Alliance (DA) statement: DA to picket outside West Rand District Municipality against illegal VBS Bank investments

On Thursday 7 June 2018, the DA Gauteng Shadow MEC of Finance, Adriana Randall, and the DA Gauteng Spokesperson on Economic Development, Ina Cilliers, will hold a picket outside the West Rand District Municipality.

The District Municipality has illegally invested R81 million with the VBS Mutual Bank – money which was allocated for service delivery. The South African Reserve Bank has warned that this money is most likely irrecoverable.

As a result, for the coming financial year, the ANC in West Rand will have to present an unfunded budget, which means that they will try to provide services and programmes with money they do not have to spend.

Gauteng Finance MEC, Barbara Creecy has indicated, after months of blame shifting and denial, that the provincial treasury will investigate the matter.

The DA has been warning for months that this lack of fiscal management would have a negative impact on the day-to-day running of the municipality and leave residents in the lurch.

MEC Creecy must expedite this investigation and ensure that those responsible are brought to book, as well as recover as much of these funds as possible.

The details of the picket are as follows:

Date: Thursday, 7 June 2018

Time: 10:30

Location: West Rand District Municipality, Randfontein.

Address: Cnr Sixth Street and Park Streets, Randfontein 1760.

There will be an opportunity for photographs and interviews.

African news agency

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