VBS Mutual Bank liquidator Anoosh Rooplal says many municipalities have lodged their claims in the insolvent estate of the bank during the liquidator’s second meeting of creditors.

The meeting was held before the Master of the High Court in Polokwane, Limpopo.

VBS was looted by politically connected people – leaving many poor depositors destitute. The Makhado municipality and the Vhembe district municipality illegally deposited more than 50 and 300 million rand into the bank respectively.

Rooplal says they’re among the municipalities that lodged claims …

“We have approximately 621 of the retail deposits come forward and lodge their claims. So it is a very good response. We have a valid claim against the estate so once we liquidate assets, with this paid proven creditors and depositors, so the books that are in records, they are not reliable, and this meeting now is helping to prove the quantum of the amount of those creditors.”