Where do they get the "90% chance of being killed" stuff? Sounds like bullshit to me. The only standard is that the act has to be "in the face of the enemy", and witnesses are usually required. Billy Bishop's VC was not supported by witnesses, however, so there are exceptions. Another poster elsewhere pointed out that of the 11 last VCs awarded, 5 of them were to living recipients.
Also, the statement that the process of awarding them is "a mystery" is also nonsense. If the process was a mystery, no one would ever get a medal.
Given that this has only been reported in the Sun, as well as some other "lesser" tabloid like papers in Britain, I'd have to say this probably isn't reliable reporting.
A fellow on another board I frequent pointed out that the deeds described could also be simple self preservation and may not be up to the standards expected of the VC.