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".



  • South Africa:   '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 »

  • South Africa:   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).

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