VBS Mutual Bank in Thohoyandou, Limpopo. Picture: SOWETAN/ANTONIO MUCHAVE
VBS Mutual Bank in Thohoyandou, Limpopo. Picture: SOWETAN/ANTONIO MUCHAVE

The Reserve Bank has pushed back on political pressure to save VBS Mutual Bank, which collapsed in one of the country’s worst corporate fraud scandals, with directors stealing about R2bn.

A day after President Cyril Ramaphosa told parliament that the VBS model should be raised from the ashes, the central bank’s deputy governor and Prudential Authority CEO Kuben Naidoo said on Wednesday there was no option but to apply for the liquidation of VBS once it became clear that it was insolvent.

The National Prosecuting Authority  said it was considering racketeering charges against those implicated.

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