South Africa: Prudential Authority to Appeal Vbs Report Court Ruling

The Prudential Authority (PA), an entity of the South African Reserve Bank (SARB), has expressed its intention to appeal a court judgment setting aside sections of the Venda Building Society (VBS) Bank audit report.

In a statement issued on Wednesday, the PA said it considered the Pretoria High Court judgment.

"Following the Senior Counsel's advice that there are good grounds to appeal the judgment, the PA will proceed to file an application for leave to appeal. The Prudential Authority's grounds for appeal will be fully addressed in the application for leave to appeal," read the statement.

On Tuesday, Judge Vivian Tlhapi -- in the matter between ANC politician Mamphe Daniel Msiza, Advocate Terry Motau SC and the Prudential Authority -- ruled in favour of Msiza. She found that Motau, in compiling the "The Great Bank Heist" report, had unconstitutionally failed to provide Msiza the right of procedural fairness, violating his rights. The PA was ordered to pay Msiza's legal costs in the matter.

The report relates to the looting of the now defunct VBS Bank. In the report, Msiza is identified as a key protagonist, the middleman who allegedly played a central figure in the facilitation of illegal transactions with several municipalities.

Eight former VBS directors are currently out on bail after they were arrested by the Hawks in June for their alleged role in the plundering of R2 billion from the institution.

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