The trending financial heist that took place implicating  all those who benefitted has gotten to eroded trust from the system.

As prominent persons were fingered, an following accusations that the South African government kept mum when the issue was frst exposed, President Cyril Ramaphosa has outrightly denied that he failed to take action in the VBS Mutual Bank saga.

“I know that the shareholder met with Ramaphosa‚ who was not president at the time. The shareholder briefed him about the outrageous corruption at VBS‚” the source was quoted as having told the newspaper.

The shareholder reportedly started blowing the whistle in 2016.

Presidency spokesperson Khusela Diko said on Monday that the allegation was “baseless and unsubstantiated”.

“President Ramaphosa has no knowledge of any meeting where he is said to have met any person associated with VBS Mutual Bank where he was purportedly briefed on the matter.”

The entire saga is still undergoing investigation.