WATCH: What the liquidation of VBS means
Despite calls by the EFF for VBS Mutual Bank to be recapitalised in the name of transformation, the final liquidation of the bank has been ordered by the high court following an urgent application by the Reserve Bank.
The Bank found the institution to be hopelessly insolvent following details in the great bank heist report, which detailed how almost R2bn was looted from the bank.
Banking Association of SA MD Cas Coovadia joined Business Day TV to discuss the liquidation of VBS bank.
Banking Association of SA MD Cas Coovadia talks to Business Day TV about the liquidation of VBS bank