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Reserve Bank: VBS Bank liquidator to be appointed

This follows the ruling by the High Court in Pretoria to grant the Prudential Regulation Authority its application to liquidate the bank.

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

PRETORIA - The South African Reserve Bank (Sarb) says a liquidator will now be appointed to manage the winding down of the VBS Mutual Bank.

This follows the ruling by the High Court in Pretoria to grant the Prudential Regulation Authority its application to liquidate the bank.

The application follows advocate Terry Motau's finding of widespread looting at the bank and his recommendation that it should be wound up because it simply cannot be rescued.

Sarb says the liquidation process will include recovering assets and distributing any proceeds from recovered assets in the interests of all creditors.

The application filed in court states that the process will also enable a liquidator to use legal mechanisms to recover funds from recipients where transactions were found to be void or impeachable.

Sarb declined to comment further when specifically asked whether the liquidator would now pursue the dozens of beneficiaries who allegedly unlawfully received funds from the bank worth an estimated R2 billion.

The application on Tuesday morning was not opposed.

The central bank argued that VBS could not be saved and was commercially and factually insolvent.

(Edited by Mihlali Ntsabo)

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