South African Court Orders Liquidation of 'Insolvent' VBS Bank
Prudential Authority CEO Kuben Naidoo of the South African Reserve Bank has said in an affidavit that the release of 'The Great Bank Heist Report', which probed how billions worth of funds were looted from VBS Mutual Bank, made it impossible for the embattled financial institution to "achieve the purpose of its existence".
'Hopelessly Insolvent' VBS to Be Liquidated
Daily Maverick, 13 November 2018
It took only minutes for the North Gauteng High Court to approve the liquidation of VBS Mutual Bank on Tuesday. Despite the debate over whether it should be rescued, the Reserve… Read more »
High Court Orders Liquidation of VBS Bank
allAfrica, 13 November 2018
The North Gauteng High Court has ordered the liquidation of VBS Mutual Bank, eNCA reports. This comes after an application by the South African Reserve Bank's Prudential Authority… Read more »
The VBS Mutual Bank website (file photo).
Finance Minister Tito Mboweni has called for tough action to be taken against officials tied to the VBS Mutual Bank looting scandal during his maiden appearance before parliament's ... Read more »
Democratic Alliance leader Mmusi Maimane has said that his party is considering laying charges against President Cyril Ramaphosa following reports that he had prior knowledge of ... Read more »
Prominent opposition politician Floyd Shivambu of the Economic Freedom Fighters has been accused of receiving millions from VBS Mutual Bank, via his brother Brian. The bank's ... Read more »
The Reserve Bank's governor Lesetja Kganyago announced on Sunday afternoon that VBS Mutual Bank is to be placed under curatorship.South African news website ENCA Read more »
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