Johannesburg - One of the alleged looters of the VBS Mutual Bank, the Free State Development Corporation (FDC) which pocketed more than R104 million from the bank, said the money was a return on an investment.

"The records of the FDC show that an amount of R100 million was invested with VBS, the investment and interest thereon, amounting to R104 417 749 was repaid to FDC in four instalments, subsequent to the maturity date of investment," FDC executive Grace Shaba said in a statement on Tuesday.

"Of particular concern was that the FDC was not consulted [by VBS investigators] before the report was released, which could have clarified the issue."

The FDC was named as one of the 50 who "gratuitously" received cash from VBS over a three year period commencing from March 2015.

The independent report commissioned by the SA Reserve Bank to probe the collapse of the mutual bank found that there was "wide-scale looting and pillaging of the monies placed on deposit at VBS". The almost R2 billion monies looted were clients' life savings and deposits, including millions of rands deposited by municipalities.