Court grants application to liquidate VBS bank

VBS Mutual Bank
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The High Court in Pretoria has granted the South Africa Reserve Bank permission to liquidate the assets of VBS Mutal Bank. Some structures and several of the troubled bank’s shareholders believe the bank can be saved, despite nearly two-billion-rand being looted from it.

The Reserve Bank has defended its intention to approach the courts, in an effort to have VBS Bank liquidated. The motion for liquidating its assets comes after the looting of two-billion rand by implicated bank executives and its partners, as well as some politicians.

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