Court grants VBS liquidation
The North Gauteng High Court in Pretoria has ordered the
final liquidation of VBS Mutual Bank on Tuesday.
The application to liquidate the bank was brought by Prudential Authority, a division of the Reserve Bank.
This comes after the explosive forensic report into VBS bank by Advocate Terry Motau titled "The Great Bank Heist."
The report revealed how 52 individuals looted almost R2 billion from the bank.
The Banking Association South Africa's (BASA) Managing Director, Cas Coovodia, says at this point the curator will try and recover as much money as possible.
"I believe documents or information have already been handed over to the prosecuting authorities with evidence for them to pursue possible criminal charges," says Coovodia.
He adds VBS will be deregistered as a licenced bank, but it
does not stop anyone from opening another mutual bank in the area.
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