Justice and Constitutional Development Minister Thembi Simelane has apologised for taking a loan of around R575 000 from an accused VBS investment broker in 2016.
The loan from Gundo Wealth Solutions which brokered investments on behalf of VBS Mutual Bank, was used to purchase a coffee shop in Sandton, Johannesburg while she was the Mayor of Polokwane Municipality in Limpopo.
She appeared this morning before the Justice and Constitutional Committee to account.
Dealing with the tenure in which I was the executive mayor in Polokwane municipality - in my understanding I thought Gundo was a registered financial service provider. Yes, they might have not been accredited by the National Credit Regulation. I loaned from Gundu not from VBS and I regret the harm caused, it has caused the people of Venda in particular because mostly the beneficiaries of the bank and the depositors were from Venda. One would have done things different but I had no knowledge of the mechanics of the bank.
VBS Saga | Justice Minister Thembi Simelane has sought to clarify that she has nothing to hide:
