VBS Mutual Bank liquidator, Anoosh Rooplal says many municipalities have lodged their claims in the insolvent estate of the bank during the liquidator’s second meeting of creditors.
The meeting was held before the Master of High Court in Polokwane, Limpopo.
VBS was looted by politically connected people – leaving many poor depositors destitute.
The Makhado municipality and the Vhembe district municipality illegally deposited more than 50 and 300 million rand into the bank respectively.
Rooplal says they’re among the municipalities that lodged claims.
“Approximately there are about 621 of the retail deposit that came forward and lodge their claims, so is a very good responds we have a valid claim against the estate.”
Related video click below: