Court decision to confiscate the estate of former VBS Bank executives welcomed

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Investors of the now defunct VBS Mutual Bank have welcomed the decision of the Supreme Court of Appeal to dismiss an application for leave to appeal the sequestration of the estate belonging to former bank executives.

In a statement, the office of curator Anoosh Rooplal, announced that the estate of Robert Madzonga can now be wound-up.

The estates of Tshifhiwa Matodzi, Phophi Mukhodobwane and Philip Trutter have also been sequestrated.

Investor, Wilson Muvhulanga, says this should serve as a warning to other unknown looters.

“What the law is now doing, it is not the end but that is the beginning because out of this few that they discovered that were responsible of that there are also links with other people that we don’t know and we would also like them to come out even the monies, where the money has ended to and we want it to be investigated so that it can be trailed up to the last point, where the money has gone to.”

In the video below, VBS Bank victims express their concerns: 

VBS was looted by politically connected people – leaving many poor depositors destitute.

The Reserve Bank has linked about 50 people and companies that have losses of about R2-billion at VBS.

The Makhado municipality and the Vhembe district municipality illegally deposited more than R50 and R300 million into the bank respectively.

The money went missing which led to the collapse of the bank.

In the video below, the VBS forensic report released: