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DA lays fraud, corruption charges against VBS Bank execs

The DA says that it is taking a proactive stance to ensure that those responsible for looting the bank will be brought to book.

FILE: Picture: VBS Mutual Bank Facebook page

JOHANNESBURG - Members of the Democratic Alliance (DA) have laid charges of fraud and corruption against executives at VBS Bank in Sandton on Friday afternoon.

The opposition party accuses the executives of defrauding the bank, claiming that ordinary citizens have been affected and unable to access their savings for months.

But the South African Reserve Bank (Sarb) has now made provisions for retail depositors to access funds from today, through Nedbank.

Fraud, racketeering and corruption charges have this afternoon been laid against VBS Bank executives at the Sandton Police Station.

The DA says that it is taking a proactive stance to ensure that those responsible for looting the bank will be brought to book.

The bank was placed under curatorship earlier this year amid allegations of mismangement.

Investigations are still ongoing, but a full report is expected to be completed by the end of August.

At the same time, thousands of retail depositors are able to access up to R100,000 from today, with the help of Nedbank.

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