South African Reserve Bank deputy governor Kuben Naidoo believes that a commission of inquiry and a forensic investigation into the collapse of VBS Mutual Bank, currently under curatorship, is likely. Naidoo, who is also the registrar of banks, also believes there would be a call for public funds to be put into the bank by the end of the curatorship process. Questioned by members of Parliament’s standing committee on finance, Naidoo gave the firm assurance that action would be taken against those found to be responsible for any malfeasance or fraud uncovered, no matter how long it took, as it was critical that consequences were seen to result from remedial action. The curatorship has brought to light matters of which the Reserve Bank was previously unaware, said Naidoo, who appeared before the committee to report on the curatorship, which was precipitated by a liquidity crisis. "It is not true that we have no plan to protect the depositors." Naidoo said that the adoption of a "look ...

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