South Africa’s radical opposition Economic Freedom Fighters (EFF) has denied links with a huge bank corruption scandal, after a forensic report into the collapse of VBS Mutual was published.

Party chairman Dali Mpofu told local media that the EFF, which has modelled itself as an anti-corruption force, did not get money from VBS.

The report, commissioned by the South African Reserve Bank, listed Brian Shivambu, the brother of EFF deputy president Floyd Shivambu, as one of the people who received money from the collapsed bank.

The report said about 2bn rand ($137m, £103m) was "looted".

When asked about the R16m ($1m, £829,5) alleged to have been siphoned off by Brian Shivambu, Mr Mpofu scoffed at the idea.

“We are not answerable for brothers and sisters. We are not a burial society, we don’t have family membership schemes.”

In a statement, the EFF said that the loss of the money "is probably the greatest bank heists in South Africa".

It added that there should be a recovery plan in place for the bank.

The bank suffered a liquidity problem when it violated banking rules set by regulators.

The author of the report, Advocate Terry Motau, said: “The bank is in a hopeless situation and it cannot be saved. The elderly who have saved their monies are the ones who have suffered the most.”

The governing ANC said the law must take its course.