DA welcomes decision to give VBS depositors access to funds

VBS was put under curatorship after problems emanated from a failure of the board of directors and executives to manage the businesses rapid growth.
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The Democratic Alliance (DA) says it welcomes the announcement that retail depositors at VBS will access their savings.

However, the party says it is concerned that money deposited by the Public Investment Corporation and some municipalities may not be recovered.

This comes after the South African Reserve Bank announced on Monday that retail depositors, which include individuals, burial societies and stokvels will be given priority and access their money through Nedbank from Friday.

DA MP and Spokesperson on Finance, Alf Lees says his party is pleased that ordinary citizens will get their money back, but he says this is not enough to reverse the problems that were caused by the alleged looting at VBS.

He says the PIC, which manages the pension funds of millions of government employees and their savings have now been placed at risk.

Lees added that citizens of affected municipalities will also be deprived of basic services if the monies they deposited in VBS are not retrieved.

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