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Sarb: Recovering VBS Bank money could take years

Deputy reserve bank governor Kuben Naidoo has told Parliament’s Standing Committee on Finance that efforts to recover the money are ongoing but it could take years for people to get their money back.

VBS Mutual Bank in Thohoyandou. Picture: Sethembiso Zulu/EWN

CAPE TOWN - The South African Reserve Bank (Sarb) says it's not confident that it will recover much money from the failed VBS Mutual Bank.

Deputy governor Kuben Naidoo has told Parliament’s Standing Committee on Finance that efforts to recover the money are ongoing but it could take years for people to get their money back.

There have so far been mixed responses from members of Parliament on Advocate Terry Motau’s report commissioned by the Reserve Bank, with some feeling it was too hasty to liquidate the bank.

An application for the bank to be wound up will be heard next week.

The Democratic Alliance’s David Maynier has praised Motau’s report.

"It certainly opens with the most compelling few paragraphs of any report that I've ever read."

But the Economic Freedom Fighters’ Mbuyiseni Ndlozi is less impressed.

“In my view, it doesn’t read like a very good legal document.”

Naidoo says that an internal inquiry into monitoring and supervisory processes related to VBS will be completed by February.

“In hindsight, we rely too heavily on auditors. Now, that’s a very significant issue for South Africa.”

He says if anyone wants to save VBS, they should rather apply for a new banking licence to avoid legacy problems associated with the bank.

(Edited by Shimoney Regter)