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Reserve Bank to announce way forward for VBS Bank

VBS has made headlines this year with allegations that senior executive and the Vhavenda king looted funds for personal benefit.

Picture: vbsmutualbank.co.za

JOHANNESBURG – The South African Reserve Bank is expected to announce more details on a way forward for VBS Mutual Bank next week after confirmation that it has secured a guarantee for the troubled regional financial institution.

VBS has made headlines this year with allegations that senior executives and the Vhavenda king looted funds for personal benefit.

The situation has left many people unable to access their deposits.

The Reserve Bank on Wednesday night announced it would increase retail deposits up to R100,000 which would allow customers to access more than the previous R50,000 limit.

At the same time, the South African Federation of Trade Unions (Saftu) says it's angered that once again workers and the poor are set to be the main victims of the collapse of VBS Mutual Bank.

Saftu's Moleko Phakedi says: “The Hawks must leave no stone unturned. We can’t allow corruption and fraud within our own society, worse to be in an institution that’s supposed to be bring about wealth, development and job creating for the poor and workers.”

The Hawks are investigating allegations of fraud and corruption at the bank with five dockets opened at this stage.

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