VBS Stakeholders' Forum still looking to claw back money for depositors who lost savings
The VBS Stakeholders' Forum said that dozens of depositors were still reeling from the collapse of VBS.
FILE: VBS Mutual Bank in Thohoyandou. Picture: Sethembiso Zulu/EWN
JOHANNESBURG - The VBS Stakeholders' Forum says it hasn’t abandoned its bid to claw back money for depositors who lost their savings when the mutual bank collapsed.
VBS was placed under liquidation in 2018.
Now dubbed the "Great Bank Heist", more than R2 billion was siphoned from the establishment in an elaborate scandal.
The VBS Stakeholders' Forum said that dozens of depositors were still reeling from the collapse of VBS.
The forum represents more than 2,000 minority shareholders.
Its secretary, Robert Livhoyi, said that not only had some depositors not recovered but they’d also been left out of the cold.
Although almost R160 million has been recovered so far, he said that the bank's liquidators must recover the balance urgently.
"The money received needs to be used to pay creditors and what is left will be for the shareholders."
The latest briefing by the forum on Tuesday comes after an explosive affidavit again named heavyweights in the looting of the bank, including Economic Freedom Fighters (EFF) and African National Congress (ANC) leaders, who all deny any wrongdoing.