Many VBS depositors will be dead by the time they get (some of) their money back

The only currency that a bank has is the trust its customers have in it.

Warren Thompson, Business Day

It’s only politicians… who has been linked to what happened who are calling for the bank to be saved…

Warren Thompson, Business Day

Efforts to recover stolen money from the failed VBS Mutual Bank is ongoing but could take years, South African Reserve Bank Deputy Governor Kuben Naidoo told Parliament on Wednesday.

However, Naidoo said he’s not confident the Sarb will recover much.

Some members of Parliament praised Advocate Terry Motau’s report into the looting of VBS Mutual Bank while others weren’t too impressed.

“In my view, it doesn’t read like a very good legal document,” said the Economic Freedom Fighters’ Mbuyiseni Ndlozi.

The EFF, itself implicated in the heist, does not want the Sarb to liquidate VBS Mutual Bank.

The Hawks told Parliament that its investigation is in full swing.

The National Prosecuting Authority (NPA), however, said the probe is not yet at a stage for them to determine who they should prosecute.

The Asset Forfeiture Unit says it has not yet seized any assets of those implicated, but curators have already secured the provisional sequestration of five executives and shareholders.

There has been a lot of focus on the fraud and the theft which is quite true, but the issue is much bigger than that from a prosecutions point of view. It is, in fact, racketeering, at its worst.

Silas Ramaite, NPA acting head

The Money Show’s Bruce Whitfield interviewed Warren Thompson, Financial Journalist at Business Day.

Listen to the interview in the audio below.

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This article first appeared on 702 : Many VBS depositors will be dead by the time they get (some of) their money back


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