The Public Protector’s office says its investigation into the VBS Mutual Bank saga could take between 12 and 24 months to complete.
Money belonging to certain municipalities invested with the bank went missing leading to the bank collapsing.
The VBS Mutual Bank Report has linked about 50 people or companies to losses at the bank amounting to about R2 billion.
VBS was placed under curatorship by the Reserve Bank earlier this year amid allegations of mismanagement and fraud.
Public Protector Busisiwe Mkhwebane says: “It falls within our conduct failure investigations especially because it relates to issues of conduct failure. Therefore, for us to assess and determine the issues, it will take 3-6 months for the collection of information and evidence.”
“We will try our best to do it in 12-24 months. I must indicate that we are having challenges with the work load and the issue of resources within the institution,” adds Mkhwebane.
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