JOHANNESBURG - The ANC has finally admitted to receiving money from the controversial VBS Mutual Bank.
ANC Treasurer general Paul Mashatile admitted the governing party received a donation from VBS and also explained how they spent that money.
The forensic investigation by the South African Reserve Bank (SARB) into VBS Mutual Banks's affairs found almost R2-billion was lost by the bank, in what's been termed a heist.
Forensic investigator Advocate Terry Motau said there is no prospect of saving the bank as it is corrupt and rotten to the core.
The 150-page report implicates prominent South Africans such as ANC Limpopo officials, EFF deputy president Floyd Shivambu's younger brother Brian and Venda King Toni Mphephu.
VBS was placed under curatorship by SARB earlier this year amid allegations of mismanagement and fraud.
The ANC has confirmed that it received R2-million in donations from Vele Investments that owns VBS Mutual Bank.
The party has since said it's willing to pay back all the money received.
Mashatile set the record straight on these donations and other political matters inside the party.