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DA to open case against VBS Bank executives

The bank was placed under curatorship earlier this year amid allegations of mismanagement and fraud.

Picture: VBS Mutual Bank Facebook page

JOHANNESBURG - The Democratic Alliance (DA) says it will be opening a case against VBS Mutual Bank executives on Friday.

The bank was placed under curatorship earlier this year amid allegations of mismanagement and fraud.

The Reserve Bank has now made provisions for retail depositors to access their funds of up to R100,000 from Friday through Nedbank.

The DA's Luthando Kolwapi said: “Tomorrow we are going to the police station to open a case against monies that have been squandered by illegal investments in the VBS bank. This is just part of the campaign of acting against corruption.”

(Edited by Thapelo Lekabe)