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 liquidator’s second meeting of creditors will be held before the Master of the High Court in Polokwane on Friday.
The meeting will provide an opportunity for all creditors to lodge their claims to the insolvent estate of the bank.
Muvhulawa says Friday’s meeting will be important because it will outline latest developments.
“This meeting to creditors is very important as you know that we have been making an effort to try and avoid that VBS be liquidated. But I think that has come to an end, so the decision is that VBS is any how going to be liquidated and when it is liquidated, whatever is recovered must be distributed amongst the creditors.”
Muvhulawa says lawyers and liquidators will do verification of people registered as investors and depositors.
An estimated R2 billion is believed to have been stolen from VBS coffers.
Meanwhile, liquidator Anoosh Rooplal was not available to comment.