Situation now calm in Thohoyandou as VBS customers start getting their cash
The situation at Nedbank branches in Thohoyandou and Makhado in Limpopo had stabilised by 10.30am on Friday as VBS Mutual Bank depositors rushed to open accounts so they could withdraw money. The South African Reserve Bank announced earlier in the week that R330m had been given to Nedbank to pay VBS customers affected by the collapse of the bank. Each customer will be allowed to withdraw a maximum of R100‚000. There are currently 22‚700 retail VBS depositors who stand to benefit. The Reserve Bank put VBS under curatorship in April after discovering that the bank did not have enough funds to meet its obligations to depositors. On Monday the Reserve Bank suggested that as much as 75% of VBS’s assets may have been stolen by its executives and directors. It is the same bank that gave former president Jacob Zuma a R7.8m loan to repay the state for upgrades made to his home at Nkandla. “We have had significant queues of VBS depositors early this morning who came to open their Nedbank acco...
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