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.

Enjoy The Money Show, but miss it sometimes?

Get the best bits emailed to you daily, right after it ends:

Subscribe to our Business Wrap Newsletter


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


Recommended

by NEWSROOM AI
Read More
'Capping fuel price will harm transformation, jobs and won’t benefit consumers'

'Capping fuel price will harm transformation, jobs and won’t benefit consumers'

The Money Show’s Bruce Whitfield interviews PetroConnect cofounder Sbonelo Mbatha.

3 risks to your retirement savings (and how to mitigate each of them)

3 risks to your retirement savings (and how to mitigate each of them)

Only 5% of South African retirement fund members will retire comfortably. Bruce Whitfield interviews advisor Warren Ingram.

'Constitutional change is not about land reform. It’s about the election'

'Constitutional change is not about land reform. It’s about the election'

Bruce Whitfield interviews political economist Nic Borain and Cas Coovadia, MD at the Banking Association of South Africa.

Gift of the Givers' Dr Imtiaz Sooliman – angel amongst men – talks about money

Gift of the Givers' Dr Imtiaz Sooliman – angel amongst men – talks about money

"I have no desire for clothes. I have no desire for holidays. I have no desire for outings. All I see is the suffering of people…"

‘Budgeting’ for people who don’t budget (and probably never will)

‘Budgeting’ for people who don’t budget (and probably never will)

A simple savings plan for people who don’t like to budget. Bruce Whitfield interviews personal finance guru Warren Ingram.

You’re either a ‘money slave’ or a ‘money master’ (says author of 'My Money')

You’re either a ‘money slave’ or a ‘money master’ (says author of 'My Money')

The Money Show’s Bruce Whitfield interviews Sugar Creek financial expert and author of “My Money” Gerald Mwandiambira.

Popular articles
The movie 'Widows' beautifully links the politics of crime - Gayle Edmunds

The movie 'Widows' beautifully links the politics of crime - Gayle Edmunds

In the movie review, film critic Gayle Edmunds shares her views of Steven McQueen's 2018 heist film 'Widows'.

[LISTEN] Beware of the 'money bomb' scam this festive season!

[LISTEN] Beware of the 'money bomb' scam this festive season!

CEO of SA Banking Risk Information Center, Kalyani Pillay chats about the new festive season scam that's robbing people blind.

Gift of the Givers' Dr Imtiaz Sooliman – angel amongst men – talks about money

Gift of the Givers' Dr Imtiaz Sooliman – angel amongst men – talks about money

"I have no desire for clothes. I have no desire for holidays. I have no desire for outings. All I see is the suffering of people…"

[LISTEN] Bee farmer describes tens of thousands of bees dead in Constantia

[LISTEN] Bee farmer describes tens of thousands of bees dead in Constantia

Bee farmer Brendan appeals to other beekeepers to check their bees and collect samples if they have witnessed any deaths.

Here's how to check your load shedding schedule in Cape Town

Here's how to check your load shedding schedule in Cape Town

Residents are urged to take note of the schedules as Stage 1 load s​hedding remains a possibility.

[LISTEN] 'I won a car but I'm too young to drive!' - Paxton on life after Idols

[LISTEN] 'I won a car but I'm too young to drive!' - Paxton on life after Idols

Idols winner Paxton Fielies chats to Sara-Jayne King about her debut album, This Is Me.

3 emergency numbers you should have on speed dial and how they work

3 emergency numbers you should have on speed dial and how they work

These are the emergency numbers you should have on your cellphone and this is what you must understand about how they work.