South Africa's justice minister has denied allegations of corruption in connection with the VBS Mutual Bank scandal, where thousands of retirees lost their life savings. The bank, which primarily served retirees from Limpopo province, was declared bankrupt in 2018 after it was revealed that over 2 billion rand had been stolen.
An investigation uncovered that funds from the bank were misused to purchase luxury items and make financial contributions to various individuals and organizations, including political parties. The justice minister, who assumed office in June, has been accused of receiving a loan from a company involved in brokering unlawful investments for VBS.
