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VBS board chair Matodzi resigns after bank placed under curatorship

The bank was left cash-strapped after municipalities withdrew substantial amounts of money.

FILE: Picture: VBS Mutual Bank Facebook page

JOHANNESBURG - VBS Mutual Bank board chair Tshifhiwa Matodzi has resigned amid questions around reasons for the bank being placed under curatorship.

Business Day is reporting on Tuesday morning that Matodzi resigned on Monday just a day after the South African Reserve Bank announced that VBS had been placed under curatorship but would remain operational.

The bank was left cash-strapped after municipalities withdrew substantial amounts of money.

The Reserve Bank has been accused of targeting black-owned banks.

But deputy Governor Kuben Naidoo says this is not true.

“As a regulator, we have to go out of our way to ensure that we can support black businesses and the transformation of the financial sector. We cannot look the other if the law is breached.”

VBS came in the spotlight in 2016 after it serviced former President Jacob Zuma with a R7.8 million loan to pay for Nkandla.

(Edited by Zamangwane Shange)

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