A Limpopo businessman who invested more than one million rand in the defunct VBS Mutual Bank says he had to retrench 16 workers after the bank was closed.
VBS Mutual Bank liquidator, Anoosh Rooplal says the claims submitted by the bank’s depositors will assist in determining the exact amount looted at the bank.
One of the minority shareholders in the liquidated VBS Mutual Bank, Madambi Muvhulawa says he has accepted that it will not be possible to resuscitate the liquidated bank.
The Portfolio Committee on Cooperative Governance and Traditional Affairs has heard that municipalities which invested public funds in the now liquidated VBS Mutual Bank are facing financial crisis.
The Democratic Alliance is calling on the Treasury’s Municipal Recovery Service Unit (MFRS) to intervene in Limpopo municipalities which lost public funds in the now liquidated VBS Mutual Bank.