Reserve Bank resists political pressure to save VBS
No option but to apply for liquidation, says senior official, as the NPA considers racketeering charges
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. If you are already a subscriber, please click on the following link to go to the full article: Reserve Bank resists pressure to save VBS If you would like to subscribe to BusinessLIVE to read the full story, please click here.
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