Curator to confirm VBS's collapse and move to secure assets
The Reserve Bank and the curator of VBS Mutual Bank are expected to announce on Monday that the Limpopo-based bank cannot be saved. The Bank will also present a plan outlining how some of the victims of the alleged fraud and corruption that has felled VBS can access part of their deposits. Last week the Bank doubled the guaranteed payout of funds deposited by individual account holders from R50,000 to a maximum of R100,000. The monies will be paid through a guarantee procured from the Treasury. This comes as the curator of the bank filed an urgent court application for the liquidation of the alleged masterminds of the fraud, including largest shareholder Vele Investments. On Friday VBS curator Anoosh Rooplal, of accounting firm SizweNtsalubaGobodo, filed papers at the High Court in Johannesburg, asking that the court wind up Vele and also sequestrate the estates of the directors of VBS and some of its senior employees. 'Epic proportion' The mutual bank "fell prey to a fraudulent sch...
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