VBS Bank lays off 94 workers in wake of scandal
Almost R2 billion was brazenly stolen from the bank, with Sarb recommending criminal charges be brought against more than 50 individuals and companies.
JOHANNESBURG - The curator of scandal-plagued VBS Mutual Bank has reduced drastically by laying off workers and closing some branches of the bank.
Curator Anoosh Rooplal says the moves were necessary to align cash income with expenditure.
Almost R2 billion was brazenly stolen from the bank, with the South African Reserve Bank (Sarb) recommending criminal charges be brought against more than 50 individuals and companies.
Rooplal says unused and redundant assets will be sold, and all the proceeds will be handed over to the creditors of VBS Mutual Bank, including municipalities and retail depositors, who currently have over R100,000 deposited.
Ninety-four employees have also been laid off as one of the cost-cutting measures, meaning the bank is now left with just 26 staffers.
Rooplal says he’s made available emotional and financial counselling for the family of the retrenched staff.
He adds that assistance will be given to them to help claim unemployment benefits.
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(Edited by Zamangwane Shange)