Damning forensic report on VBS reveals how execs stole a bank
The report by investigators appointed by the Reserve Bank finds that criminal charges must be brought against those responsible
The explosive findings of a damning report into the failure of VBS Mutual Bank reveals how its architects and accomplices stole a bank. The report by investigators appointed by the Reserve Bank to establish what transpired in relation to the failure of VBS also found that criminal charges must be brought against those responsible. Following a severe liquidity crisis in March 2018, which led to the Reserve Bank placing VBS under curatorship, Kuben Naidoo, deputy governor of the Reserve Bank and CEO of the Prudential Authority, appointed a team of forensic investigators led by Werksmans Attorneys and advocate Terry Motau, to establish what exactly had precipitated the failure.
The investigation enormously benefited from the gathering and securing of evidence by forensic and cyber-forensic investigators assisting Werskmans which allowed “a regime which properly secured the chain of evidence, of enormous numbers of documents”. Read the full report below: