Home Business and Technology VBS Mutual Bank can’t be saved

VBS Mutual Bank can’t be saved

Advocate Terry Motau in his final report said that an amount the amount of R1.8 billion. was gratuitously received from VBS by some 53 persons over the period 1 March 2015 to 17 June 2018.

The forensic investigator who looked into the rot of VBS Mutual Bank has concluded that the rot in the bank ran too deep to salvage it.

VBS Mutual Bank

“I recommend that urgent steps be taken to wind-up VBS. It seems clear to me that there is no prospect of saving VBS,” wrote Motau. “It is corrupt and rotten to the core. Indeed, there is hardly a person in its employ in any position of authority who is not, in some way or other, complicit’.

 

Amongst those who benefitted from the looting of the embattled bank was the lead auditor of the bank, Sipho Malaba who was fingered of having benefitted to the tune of R34 million.

 

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