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Some money will be recovered: VBS curator

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The curator of VBS bank, Anoosh Rooplal, says he’s confident that some of the money will be recovered. He says there are still good assets in the bank.

The central bank wants to recover one-point-five-billion-rand that was allegedly stolen through fraudulent activities. In addition the ailing bank must repay over three-million-rand in government guarantees to retail depositors.

The curatorship cost the Reserve Bank about three-million-rand a month.

“The depth of the working of the fraud involves related parties, most certainly the Vele entities are the starting point of recovering assets.”

Meanwhile,  the Central Bank Governor, Lesetja Kganyago, has announced that VBS retail depositors will now use Nedbank branches to withdraw their savings.

90 per cent of VBS retail customers will receive their savings through Nedbank branches from this Friday. The retail depositors include individuals, stokvels and burial societies, among others.

The Reserve Bank says business depositors are not a priority at this point.

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