Efforts to reopen VBS as a commercial entity are ongoing, with a focus on regulatory oversight to prevent past mismanagement and corruption
Lost your password? Please enter your username or email address. You will receive a link to create a new password via email.Frustration reigned at the R2.3-billion VBS Mutual Bank heist court case after another postponement, with one of the accused’s lawyers arguing that his client was suffering financial prejudice because of the state’s alleged ineptitude.this week that the trust had held discussions with the South African Reserve Bank on how to revive VBS.
“The Reserve Bank explained to us that increased regulation contributes to greater financial stability and liquidity, attracting more investment and deposits, and rebuilding trust among depositors and the financial community,” Matsila said. “Having a bank in the community is not just about restoring a financial institution; it is a crucial step in rebuilding our local economy and restoring confidence in the financial sector.”
In a recently leaked affidavit, the bank’s former chairperson, Tshifhiwa Matodzi, implicated several executives and politicians in the looting, including leaders from the ANC and Economic Freedom Fighters . Matodzi — in an affidavit before the Johannesburg specialised commercial crimes court — stated that he paid the EFF R16 million after meeting Malema, Shivambu and secretary general Marshall Dlamini in April or May 2017.The criticism followed VBS granting then president Jacob Zuma a R7.5 million loan for his Nkandla residence in KwaZulu-Natal, and Matodzi said the EFF’s “negative commentary” related to the loan was “damaging reputation”.
He said that a better relationship with the Reserve Bank would allow it to swiftly respond to any problems at VBS.
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