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Sarb to announce grounds to appeal VBS report judgment against it & Motau

On Tuesday, Motau and Sarb were dealt a blow when the Pretoria High Court reviewed and set aside parts of the report.

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

JOHANNESBURG - The South African Reserve Bank (Sarb) said it would soon announce its grounds for appealing the judgment against it and advocate Terry Motau over the Great Bank Heist report on VBS Mutual Bank.

On Tuesday, Motau and Sarb were dealt a blow when the Pretoria High Court reviewed and set aside parts of the report.

Judge Vivian Nlahpi found that Motau failed to hear former Limpopo African National Congress (ANC) treasurer Daniel Msiza’s side of the story before releasing the report, which was unconstitutional and unlawful.

The central bank said it had consulted a senior advocate who advised them they have a case.

Sarb believes there was a good chance it could win on appeal.

The central bank said it would proceed to file an application for leave to appeal.

It's looking to challenge Nhlapi’s findings against Motau and the bank, stating that parts of the report relating to Msiza must be expunged or deleted because Motau failed procedurally.

The bank was a second respondent in the matter and was ordered to pay the legal costs because it commissioned the report.

The court made it clear that the ruling is on the matter being procedurally unfair and not the content or evidence of the report.

Motau also has to also apologise in writing to Msiza.

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