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Vele Investments, VBS Mutual Bank’s majority shareholder, has withdrawn its short-lived challenge to Finance Minister Nhlanhla Nene’s decision to place the beleaguered bank under curatorship.
After meeting representatives of the Reserve Bank and the Treasury late on Wednesday, Vele director Maanda Manyatshe instructed its attorneys to withdraw the intended legal action on Thursday afternoon.
"It was agreed that the parties will opt for an amicable resolution of their dispute," Manyatshe said in the letter seen by Business Day.
"We welcome Vele Investment’s decision to withdraw the court action against curatorship of VBS," VBS curator Anoosh Rooplal said.
"We believe curatorship is the correct decision to provide a possibility to restore the bank."
Vele had earlier notified the finance minister, the registrar of banks and Rooplal that it intended applying to the court to set aside the curatorship because it was inconsistent with the Constitution.
In the founding affidavit, Manyatshe ...
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