Judge grants liquidation of VBS investor Vele
‘It’s a great milestone for the curatorship, it’s a step in the right direction to potentially recover assets that rightfully belong to the VBS depositors’
The High Court in Johannesburg has granted an order allowing for the immediate liquidation of VBS Mutual Bank’s largest shareholder, thereby allowing liquidators to begin trying to recover as much as half of the R1.5bn that was stolen from depositors of the bank. Acting Deputy Judge President Moroa Tsoka wasted no time on Tuesday in granting a final liquidation order against Vele Investments, the bank’s controlling shareholder. The application for the liquidation of Vele had been brought by the bank’s curator, Anoosh Rooplal. “It’s a great milestone for the curatorship, it’s a step in the right direction to potentially recover assets that rightfully belong to the VBS depositors,” he said. These depositors include municipalities in some of the poorest parts of the country, which stand to lose almost all of the R1.6bn they deposited with VBS, increasing the risk of budget shortfalls and violent protests that could result from a lack of service delivery. Rooplal had stated in his appli...
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