A former senior executive of the scandal-ridden VBS Mutual Bank has revealed that a branch manager was ordered to make a R3m payment to fund the SACP’s annual congress last year, allegedly in exchange for the party’s silence on the bank’s relationship with the controversial Gupta family, claims a City Press report.

It says Vele Investments, the majority shareholder of the soon to be defunct bank, used one of its subsidiary companies to pay the SACP’s R3m bill for the use of facilities at the Birchwood Hotel & OR Tambo Conference Centre in Boksburg, Ekurhuleni. The senior executive, who was at the centre of the bank’s activities and reportedly requested anonymity, alleges Vele Investments – VBS’ parent company – conspired to use a subsidiary company account to conceal the link to the SACP payment.

The report says the senior executive’s revelations are the first to draw the SACP national office into the VBS saga after it fiercely denied any links to the bank.

The ANC has already admitted that it received R2m from VBS, and has undertaken to pay the money back.

However, SACP national spokesperson Alex Mashilo denied that the party received money from VBS or Vele Investments. ‘It is utterly unfair to make a sweeping allegation against SACP leaders. The SACP has many leaders. The allegation is obviously senseless and dismissed with contempt.'

He also pointed out the SACP had never shied away from criticising the Guptas.

Full City Press report