COMMISSION
VBS probe to look at regulators’ failures
The mess uncovered in the finances of VBS Mutual Bank by its curator is to be probed by an independent commission of inquiry, which will also look into the role the regulators played in their supervision of the bank. Reserve Bank deputy governor Kuben Naidoo and Treasury deputy director- general Ismail Momoniat on Wednesday agreed the commission should also probe the role of the regulators in the saga. "The commission will look at whether the regulator was asleep at the wheel," Naidoo said. "It is a legitimate question to ask whether the regulator dropped the ball. We should have a commission of inquiry to see where we erred, where Treasury erred and whether the legal framework erred and whether there was fraud," he said. Financial statements Naidoo, who is also the registrar of banks, reported that VBS lied to the Bank about the extent of its capital reserves. He said the curator, Anoosh Rooplal, of SizweNtsalubaGobodo, would have to restate its financial statements — at least for ...
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