Deepening Democracy through Access to Information
Home / Statements RSS ← Back

Email this article

separate emails by commas, maximum limit of 4 addresses

Sponsored by


Article Enquiry

PAC: Attack on VBS is an attack on African people


Embed Video

PAC: Attack on VBS is an attack on African people

PAC Spokesperson Kenneth Mokgatlhe
PAC Spokesperson Kenneth Mokgatlhe

12th March 2018


Font size: -+

/ MEDIA STATEMENT / The content on this page is not written by, but is supplied by third parties. This content does not constitute news reporting by

Pan Africanist Congress is disgusted by the decision of the National Treasury as well as Reserve Bank to oppress and suppress an African-owned VBS Mutual Bank. We have seen African owned entity such as ANN7 have been purged while the foreign entities such as ABSA, Steinhoff and now Enterprise are always protected because they are too "white".

That decision to purge VBS Mutual Bank is not only political but selfish, self-centred and jealous to see African people organising themselves even economical. It is now clear that some people do not want to see the fortunes of African people taking shape, those lethal individuals want to see African people being permanent beggars who cannot stand with their own feet. We say to VBS remain calm, the sector is too foreign but you shall conquer at the end.

There was never noise when KPMG was involved in corrupt dealings, National Treasury and SARB became inactive. There was a deafening silence from the state when Steinhoof was implicated into mafia dealings. We are now told that Enterprise is the main player in the current health atrocities of Listeriosis which is responsible for more than 180 deaths but we have not seen any action.

It is now a common tradition that the pigmentation of the skin plays a crucial role in an economic sector in this country. ABSA was accused of unduly benefitting from Apartheid government but our own government was passive in that important matter while it was only the office of Public Protector which made a little noise. It is really sad that the sector will not transform now as there are no provision or commitment.

We are sorry that the VBS, ANN7, Capitec Bank etc will pay a huge prize because they are not foreign-owned. Our economy is crowded by foreign countries while African people are not players in their own economy. We continue to be beggars while the government collude with private sector instead of standing with the majority with the spirit of changing people's fortunes.

The PAC says hands-off VBS and all African-owned entities in every sector of the economy. We want to see main players of the economy being African and not foreign as it is the case currently. Our government must take a sobe decision and introduce economic policies which in trues sense seeks to transform the lives of the people through changing current ownership patterns as they continue to benefit the minority group since 1652 when the land was stolen from us.



Issued by PAC

To watch Creamer Media's latest video reports, click here


To subscribe email or click here
To advertise email or click here

Comment Guidelines


About is a product of Creamer Media.

Other Creamer Media Products include:
Engineering News
Mining Weekly
Research Channel Africa

Read more


We offer a variety of subscriptions to our Magazine, Website, PDF Reports and our photo library.

Subscriptions are available via the Creamer Media Store.

View store


Advertising on is an effective way to build and consolidate a company's profile among clients and prospective clients. Email

View options
Free daily email newsletter Register Now