July 8 deadline for ex-VBS Mutual Bank clients to claim their money

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Qualifying former clients of VBS Mutual Bank have been called to claim their money from Nedbank before the 8th of July this year.

This is the date when the agreement between the liquidator, the Prudential Authority and Nedbank is due to end.

VBS liquidator, Anoosh Rooplal, says qualifying retail depositors, who had up to R100 000 in their VBS accounts, should redeem their funds at any Nedbank branch.

“In terms of this agreement which was concluded in 2018, depositors were guaranteed up to R100 000 per depositor and had three years to collect their money.”

Retail depositors include individuals, burial societies, stokvels and saving clubs’ deposits in VBS. The guarantee does not cover municipal or corporate deposits.

Rooplal has called on retail creditors who are owed more than R100 000 and institutional creditors who have not yet lodged their claims, to do so.

He says claims were received from these creditors during the first and second round of meetings held with creditors and the process to determine the validity of their claims is almost complete.

The liquidator says communication has been sent to the Master of the High Court as well as to those affected creditors regarding their reduced or expunged claims as per the Insolvency Act.

Pensioner who invested money with the bank seeks reimbursement: