On Sunday, City Press reported that a branch manager at the embattled bank was ordered to pay the SACP's R3 million bill for the use of Birchwood Hotel and OR Tambo Conference Centre in Boksburg for its 14th national congress
This reportedly in exchange for the party's silence on VBS bank's relationship with the Gupta family.
The publication further revealed that Vele Investments, the majority shareholder of the embattled bank, used one of its subsidiary companies to make the payment to conceal the link to the SACP payment.
"They have made it very clear that the SACP did not receive any cent from Vele or VBS," Mashilo said.
Further pressed on the allegation that VBS sponsored the party's congress, Mashilo categorically stated that the party would've been aware of any payments made for its benefit.
He went on to say that after the allegations emerged, the party consulted its lawyers on the matter.
"That consultation continued after the news story was published. Today our officials are meeting, they will receive a report from the consultation in considering legal action," he said.