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VBS Bank to retrench some employees, sell assets, clear head office

Almost R2 billion has gone missing, with top Limpopo politicians, businessmen and the bank's executives listed in a South African Reserve Bank report as being responsible.

VBS Mutual Bank logo. Image: Supplied

GIYANI, LIMPOPO – Eyewitness News has learnt that 94 VBS Mutual Bank employees have signed retrenchment letters amid investigations into the looting of the bank.

Almost R2 billion has gone missing, with top Limpopo politicians, businessmen and the bank's executives listed in a South African Reserve Bank report as being responsible.

A total of R1.2 billion of that money was deposited by eight Limpopo municipalities without any success of retrieving the funds.

Service delivery has also been hampered, with some municipalities now on the brink of collapse.

The curator for the bank says that it can no longer afford to operate like it has. It says parts of the bank's head offices in Johannesburg have been cleared to allow for possible tenants to move in.

Some assets said to be redundant, will be sold to pay creditors.

The Limpopo government says that while it understands that the bank is now financially insolvent, moves should be made to rescue it to prevent job losses.

Spokesperson Phuti Seloba says: "This decision to invest money in VBS is a very painful and embarrassing decision and those who did it must take full responsibility."

The South African Council of Churches has also urged law enforcers to investigate churches, which may have benefited from the looting.

WATCH: SACC: We’re in solidarity with VBS Mutual Bank scandal victims

(Edited by Leeto M Khoza)

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